Filing a chapter 7 bankruptcy helps you to get rid of your debt by selling your non-exempt property and using the funds to pay off your outstanding balances. Through which you need to handover all non-exempt property to a court appointed trustee. Then the trustee will sell those properties to repay your debts.
In order to file chapter 7 bankruptcy for debt relief, you should quality to apply for it. Chapter 7 bankruptcy can be filed by:
• The debtor or a person who earns income that is less than the state's average income
• The person should be a resident of the US
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Not all kind of debts are discharged through chapter 7 bankruptcy. Debts that can be discharged include:
• Credit card
• Personal loans
• Leases
• Repossession deficiencies
• Judgments
• Guaranties
• Negligence claims
• Auto accident claims
• Business debts
Here are the debts that cannot be discharged through chapter 7 bankruptcy:
• Debts that are not scheduled
• Criminal fine or restitution
• Fraud debts or debts incurred as a result of drunk driving
• Recent taxes
• Child or family support
• Student loans
• Trust fund taxes
• Debts that are listed in past bankruptcy where the debtor was denied a discharge
• Penalties that need to pay to the government apart from taxes
• Auto accident claims that contain intoxication
Here is the detailed approach how a chapter 7 bankruptcy helps for debt relief:
Gives an end to collector harassment: After filing bankruptcy, the court reports the creditors and collection agencies about it. Creditors or collectors should immediately stop contacting you for the money you owe. Even though, if they keep on calling and harassing you, the court orders the creditor to pay your attorney fees.
Bankruptcy filing stops foreclosure: Chapter 7 sets an automatic stay from your mortgage foreclosure. Yet, a mortgage lender can also request the court for relief from the automatic stay.
Filing chapter 7 eliminates lien: After getting a court order, certain liens are eliminated under chapter 7. Also you can rid of federal income tax debts under bankruptcy chapter 7.
Eliminates community debts: The court releases from all the dischargeable community debts for the divorcees. Ex-spouse will be responsible for all the money owed. Simply debt is transferred from you to your ex-spouse.
Bankruptcy filing is a serious decision and it should be done with lot of care and attention. You should know about the basics and seek help from bankruptcy attorney to guide you throughout the process.
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