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Chapter 7
By | January 31, 2008
Bankruptcy laws allow for a debtor who is unable to pay off his creditors to resolve his debts through the division of his assets among his creditors. Chapter 7 of the Bankruptcy Law is called liquidation bankruptcy and it involves the complete liquidation of the debtor’s assets and then the proceeds are used to pay off his debts.
There are a few steps involved in filing for bankruptcy:
<!–[if !supportLists]–>· <!–[endif]–>The court clerk will give a notice of your bankruptcy to your creditors.
<!–[if !supportLists]–>· <!–[endif]–>Then a meeting of your creditors will be held so as to question you about your debts and your ability to pay them back. Some may also want to question you.
<!–[if !supportLists]–>· <!–[endif]–>A creditor of the trustee who is assigned to your case may object to the exceptions listed by you within 30 days of the abovementioned meeting.
<!–[if !supportLists]–>· <!–[endif]–>In case a debt is not listed in the schedule then a creditor may object to its discharge. In such case he can file asking for proof of such claim.
<!–[if !supportLists]–>· <!–[endif]–>You should consult a bankruptcy attorney or lawyer who will guide you. Bankruptcy filing involves a lot of procedures and it would be advisable to have someone to advise you.
You could pick the best lawyer for you in the following manner:
A lawyer should be specialized and trained in the field and most of his practice should be in this area. It is better to have a certified specialist. He should be committed to get you debt relief and provide you with information and advice on how to secure your future.
He should also stop creditors from harassing you. You should also take advantage of the fact that your lawyer is an expert and you should try to get the best possible deal for yourself out of the situation.
Topics: Filing Requirements |
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