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March 18, 2013


"Straight" Bankruptcy: Chapter 7

What do I have to tell about my finances?

When you file the petition, you also must file a Statement of Financial Affairs and schedules that, among other things, describe your financial history and list your income, all of your debts and your assets. These schedules are quite detailed:

Your liabilities:

  • your priority debts (such as taxes);
  • your secured creditors (auto dealers, home mortgages, and so on);
  • your unsecured creditors (department store credit cards and the like).

Be sure that you list all your creditors and their correct names and addresses. If you omit some, or provide incorrect addresses, you might not be discharged from those debts.

Your assets:

  • all your real property, including any you own together with your spouse or other persons;
  • all your personal property (such as household goods; clothing, cash, retirement funds, accrued net wages);
  • all property, whether real or personal, that you claim exempt from creditors.

>>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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