Chapter 7 Bankruptcy - What is Chapter 7?

Chapter 7 is liquidation bankruptcy although not very often is anything actually liquidated. Generally, chapter 7 is available to individuals and businesses. A voluntary chapter 7 proceeding is initiated by the filing of bankruptcy petition by the debtor, typically through his attorney. An involuntary chapter 7 may be filed by the debtor's creditors although this is seldom seen.

In chapter 7 bankruptcy cases, a bankruptcy trustee is appointed to administer the non-exempt assets, if any, of the debtor. If there are assets to administer, the trustee will distribute the proceeds to creditors. In exchange for surrendering these assets, an individual debtor ordinarily receives a discharge of personal liability for most pre-petition debt. Thus, an individual debtor's prior financial struggles effectively end with the filing of a chapter 7 bankruptcy. The debtor is then free to start fresh from the date of filing forward.

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Can a Mortgage Company Still Foreclose on Me If I'm Undergoing Chapter 13 Bankruptcy?

Filing for Chapter 13 bankruptcy can be very tempting for a homeowner who is facing foreclosure. Bankruptcy lawyers often bombard homeowners with advertisements that claim filing for bankruptcy can save their home. However, the majority of homeowners who do file for bankruptcy to avoid foreclosure are often blindsided when the foreclosure still proceeds while they're also in the middle of dealing with bankruptcy.

Once you file for Chapter 13, all your creditors (including your mortgage company) are put under an "automatic stay." This means that they can't take collection action against you. If you fail to still make your monthly mortgage payments or don't pay the monthly bankruptcy court payment, you'll be faced with a "motion for relief from stay." This is from the mortgage company that asks the bankruptcy court to "lift" or "relieve" the automatic stay so they can foreclose on your home. Basically, Chapter 13 doesn't do very much immediate good. You still have to make mortgage payments and, on top of that, pay for bankruptcy court, BUT there is a possibility it could prevent you from losing your home.

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Chapter 13 Bankruptcy - Rules and Requirements

Gone are the days when filing a bankruptcy was generally considered to be a do-it-yourself project. These days most people prefer to hire a professional for this job. Bankruptcy attorneys in Tampa help people get rid of their debt by choosing the ideal type of bankruptcy. In most cases attorneys have to make a choice between chapter 7 and chapter 13 bankruptcies, the two most common forms of bankruptcies. These two types of bankruptcies have been designed for different purposes. Chapter 7 bankruptcy governs liquidation while chapter 13 results into reorganization. In simpler terms chapter 13 allows a person to keep his property and pay back the debt in three to five years whereas chapter 7 forces a person to liquidate the property to pay the creditors. Both these chapters have their pros and cons and a good bankruptcy lawyer is supposed to be fully aware of them in order to make a good decision.

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Bankruptcy Considerations Should Be Part of Every Divorce Negotiation in Georgia

The Georgia Supreme Court has ruled that a husband's obligation to pay joint marital debt was wiped out in his bankruptcy. In the case of McGahee vs Rogers, a husband incurred tax debt when he cashed in a 401(k) early. Because Mr. McGahee and Ms. Rogers, then husband and wife, filed jointly, the resulting tax debt was a joint obligation.

The divorce decree between McGahee and Rogers clearly obligated Mr. McGahee to assume full and sole responsibility for this tax debt.

After the divorce was finalized, Mr. McGahee filed a bankruptcy and listed his ex-wife as a creditor, contending that his obligation under the divorce agreement to pay the tax debt was dischargeable in bankruptcy because it was not in the nature of "support or alimony."

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What is a Chapter 7 Personal Bankruptcy?

When you file Chapter 7 bankruptcy, also called a 'straight bankruptcy' or a 'liquidation', you are asking creditors and the court to forgive all of your debt. In exchange, you forfeit almost all of your assets to help payoff as much debt as possible.

Your assets will be surrendered to the US Bankruptcy Court Trustee, who will sell them. The proceeds from the sale will be distributed to the creditors starting with the secured debts, then the unsecured debts. The trustee also receives a portion of the money as pay for doing the work.

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How a Chapter 7 Bankruptcy Saved Me

I filed for chapter 7 bankruptcy about a year ago.

OOHHH....GASP...BANKRUPTCY

I went in knowing absolutely nothing about the process, all I knew was that I was $60,000 in debt. I had a mortgage company that wanted my default mortgage deed "paid in full". Nine credit card companies (they use to be so nice to me) that couldn't understand the concept of being "laid off". And a guy that came in the middle of the night and Repossessed my Ford Ranger.

I'm not a lawyer and I'm NOT going to give any legal advice. I'm just going to relate my experience of the process to you so maybe you can learn a few things.

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File Your Bankruptcy

With the ongoing financial crisis, millions of people are finding themselves struggling to get out of debt. While some are lucky and a credit counseling session can work wonders for them, there may be few who are left with no other option other than bankruptcy. Undoubtedly, filing bankruptcy gives you an opportunity to "start afresh"; nevertheless, it has a long lasting effect on your credit rating. Filing bankruptcy is not an easy task and you need to have a thorough understanding of the entire process. Earlier, you could declare yourself bankrupt if your financial situation went haywire. However, the new federal laws related to bankruptcy, make it mandatory that you need to qualify for the same. You may be having several questions related to bankruptcy and it is important that you get them answered by a legal expert.

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Who Files For Bankruptcy?

Good people are good because they've come to wisdom through failure. William Saroyan (1908 - 1981).

Upon the conclusion of the winter Olympics this year, what really caught my attention were the stories of the athletes. My favorite stories are those athletes that failed before but came back to win. Everyone loves the underdog that comes back to win.

If there was one message I wish I can convey to every person contemplating bankruptcy, it is this: You are NOT a failure simply because you filed for bankruptcy. Just like the athlete that bounced back to win the gold after a severe injury, illness, drug addiction or scandal so can you. We meet on average 16 - 20 clients per week. Assuming 50 weeks, that's over 800 people per year. This doesn't count the phone calls and emails we get from people in financial distress. So I know a little something about people who are filing for bankruptcy. The only common denominator among all these people is that 1) they are in financial distress and 2) they are struggling with the decision to file or not to file. That's where the commonality ends and the uniqueness begins.

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