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The basics of Chapter 7 bankruptcy

Chapter 7 bankruptcy can help with a fresh financial start for those that may be struggling with the stress and strain of overwhelming debt. Chapter 7 bankruptcy works by allowing the party filing for bankruptcy to liquidate assets to repay creditors and enjoy debt relief. After attending required credit counseling, the party seeking bankruptcy relief can file for bankruptcy protection.

The filing party is required to provide information concerning income, debts, expenditures and creditor holdings including unsecured and secured debts, as well as some additional pieces of information. Certain types of property are also considered exempt from the Chapter 7 bankruptcy process. Exempt property can include clothing, furniture and cars subject to certain limits. There are also categories of exempt property the filing party should also be familiar with.

In addition, once the filing party has filed for bankruptcy protection, an automatic stay goes into effect that halts all creditor collection actions during the bankruptcy process. This can provide some much-needed relief for the filing party. As part of the process, there will be a meeting of the creditors and at the conclusion of the process, there will be a debt discharge. In addition, there are requirements to qualify to file for Chapter 7 bankruptcy that it is important to be familiar with and alternate options if the party considering bankruptcy does not qualify for Chapter 7 bankruptcy.

Bankruptcy provides important protections for individuals struggling with debt and different options are available for them to enjoy debt relief. Because bankruptcy can be a complicated process, it is helpful for those struggling with debt to be familiar with their options and how the process works.

Source: Bankruptcy.findlaw.com, "Chapter 7 Bankruptcy," Accessed April 10, 2018

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