"Straight" Bankruptcy: Chapter 7
How does a Chapter 7 bankruptcy case begin?
It starts when you file a petition with the U.S. Bankruptcy Court asking it to relieve you (or you and your spouse) from your debts. As of the date you file the petition, your assets will be under the protection of the court. In addition, most collection efforts against you must stop. However, if someone has co-signed a loan for you, your automatic stay does not stop creditors for seeking payment from your co-signer.
>>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?