Cherant asked:
I think the question says it all. And if you can, roughly include what you call the levels of bankruptcy, I heard level 7 is the highest. Thanks! Let’s hope we learn from this question!
I think the question says it all. And if you can, roughly include what you call the levels of bankruptcy, I heard level 7 is the highest. Thanks! Let’s hope we learn from this question!
Chapter 7 Bankruptcy is liquidation, all your assets are sold to pay your creditors, except any excemptions allowed by federal and state and local laws.
Secured debts such as mortgages and car loans may be reaffirmed or your house and/or cars may be repossessed or sold to pay your debts.
Non-secured debts such as credit cards and medical bills will be discharged, (eliminated).
Interview different lawyers and find one that you like. ($1500) They will ask you to fill out a worksheet with all of your debt, you have to take a pre discharge course online ($25) then your lawyer will file a chapter 7 or 13 for you depending on your situation($250). you also, have to complete a post discharge online course ($25) You will have a court date and then you wait to receive your discharge papers in the mail.
Bankruptcy is a complicated process, including Chapter 7 bankruptcy and Chapter 13 bankruptcy options for consumers seeking to get debt relief. Unfortunately, after the passage of the Bankruptcy Reform Act in 2005, it became harder to file for a liquidation bankruptcy, and there is now more complexity to an already intimidating process.
Although it is now more difficult to qualify for a Chapter 7 and more people are required to enter into repayment plans, bankruptcy is still available to most people in need of its protection. Several types of bankruptcy are available, depending on your assets, income, and financial situation.
Bankruptcy should be a last resort and will damage your credit for up to 10 years. We can avoid bankruptcy by other debt relief options such as debt consolidation or debt settlement. When it comes to bankruptcy always seek counsel from an attorney who understands your situation.
You can learn how the legal procedure works at { }.
Bankruptcy Law is complex but the procedure to file it is not difficult. If you get proper guideline from expert there will not be any difficulty to file bankruptcy. Read more about how it works from given link