Bankruptcy

"Straight" Bankruptcy: Chapter 7

What steps do I need to take before filing for bankruptcy?

Under the new bankruptcy law that came into effect on October 17, 2005, you must undergo credit counseling at an "approved non-profit budget and credit counseling agency" within 180 days before filing for Chapter 7 or Chapter 13. Credit counseling can take place individually or in a group, in person, on the telephone, or over the Internet. Section 111 of the new bankruptcy law provides that the bankruptcy court clerk shall maintain a publicly available list of approved credit counseling agencies. So, if you are considering bankruptcy, contact your local bankruptcy court to find a credit counseling agency near you.

>>What does Chapter 7 bankruptcy involve?
>>Am I eligible to file for bankruptcy under Chapter 7?
>>How does the means test work?
>>What steps do I need to take before filing for bankruptcy?
>>How does a Chapter 7 bankruptcy case begin?
>>What do I have to tell about my finances?
>>Will I lose some of my assets if I file for Chapter 7?
>>What are exempt assets?
>>What are nonexempt assets?
>>May I use Chapter 7 bankruptcy to get rid of all my debts?


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