Chapter 7 Bankruptcy Information

Filed Under (Uncategorized) by admin on 21-01-2010

Chapter 7 bankruptcy can be a very confusing, and yet, a serious matter at the same time.  If you have questions, when it comes down to Chapter 7 bankruptcy, I kind of wanted to make an easy to read FAQ that can help you understand what’s going to happen during the process.

What’s the difference between Chapter 7 and Chapter 13?

Chapter 7 is a pretty straight forward bankruptcy, and picture it as a “fresh start.”  You’re going to sell all of your assets, as with a Chapter 13, you’re going to be able to keep some of your assets.

Are all my bills gone now?

It will all depend on how the judge sees your case.  By law, you will always have to pay student loans back, there’s no way around it, and there can be other potential companies that can still come after you, such as a car loan.

Is this going to be public?

This will remain on your record for at least 10 years.  It will be public records, so when someone does run a credit check on you, it will show up.  Again, it will remain there for 10 years.

Can I keep my big items such as my boat, and car?

Even if it’s paid off, the trustee’s can liquidate them, and spread the assets among the creditors you owe.  It’s only fair to the people that you owe, and they will milk everything out of you, to make sure everyone gets as much as possible.

How many times can I file?

You can only file every 8 years.  When you go in, and file for a second time, you’re going to find that it’s going to be a lot harder to get through.  It’s important that you learn your lesson the first time!

Can I get any credit now?

Sure, you can still get , and you will still get credit card offers.  The reason the companies will still come after you is because you can’t declare for another 8 years.

Can I get fired from my job?

No, you can’t.  If the employer does fire you because of this, it’s because of discrimination, which is against the law.

What loans will I always have to pay regardless of this?

Loans such as your student loans, child support, lawsuits related to drunk driving, and any government owed money such as taxes will always have to be paid back.

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