| What Is Chapter 7 Bankruptcy? |
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| Written by Seth Furman |
| Sunday, 24 January 2010 13:33 |
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You may be feeling the burden of the debt you face. You have bills that are piling up and can't see the light at the end of the tunnel. One option worth exploring is filing for Chapter 7 bankrtupcy.
You may be feeling the burden of the debt you face. You have bills that are piling up and can't see the light at the end of the tunnel. One option worth exploring is filing for Chapter 7 bankrtupcy. Nearly 2/3 of all personal bankruptcy filings are Chapter 7. This makes it the most common type of bankruptcy. What I will do is define for you exactly what Chapter 7 bankruptcy is and answer 3 of the most common questions asked about it. Chapter 7 bankruptcy, also known as a straight bankruptcy, is a process where you sell your non-exempt property to help pay debts owed to creditors. It is a liquidation proceeding. Chapter 7 is a quick process that usually takes under 6 months to complete from the time an attorney helps you file. It is a provides the opportunity for a fresh start. What follows are 3 commonly asked questions about Chapter 7 bankruptcy 1. Will creditors leave me alone after I file for Chapter 7 bankruptcy? Yes, by law they must cease all actions against a debtor once the bankruptcy is filed. After you file, you are putting yourself in position for a fresh start. 2. Is everyone going to know I filed? Chapter 7 bankruptcy filings are public records. However, typically no one will know you went bankrupt unless you choose to tell them. There aren't many publications that are printing the names of all people filing, and there are a lot of them. 3. What are some of the reasons that people need to file for bankruptcy? Usually individuals that are filing for bankruptcy are doing so because of unforeseen events. Things such as medical bills due to an accident or illness, losing a job, marital issues, etc. Bankruptcy can provide a fresh start after an unfortunate situation. If you are considering a Michigan bankruptcy, Chapter 7 might be a good thing to consider. You should speak with a Michigan bankruptcy attorney to get a better handle on your options. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Bankruptcy can be a good way to get out of debt. Often times, it is far more effective than debt consolidation or debt settlement/forgiveness. If you are searching for a Michigan bankruptcy chapter 7 lawyer, get a free consultation with Michigan bankruptcy chapter 7 lawyers. |