Chapter 7 bankruptcy is designed to give debtors a “fresh start” in their financial life. At theend of the process, all qualifying debts are discharged, which means you will never have to pay them. Filing a bankruptcy petition is complicated and time consuming and not all debts are discharg...
History and Meaning of Chapter 7 Bankruptcy Chapter 7 bankruptcy was first introduced by the United States government in the late 1970s as a way for individuals and companies to eliminate their debts and get a fresh start. This type of bankruptcy is also known as liquidation bankruptcy, as it...
they get paid last consequences of chapter 7 bankruptcy the consequences of a chapter 7 bankruptcy are simple: the company goes out of business and all remaining debts that cannot be paid are discharged. as the company is dissolved, it will likely cease to meet the listing requirements necessary...
Most debts are discharged under a Chapter 7 bankruptcy. The discharge of debt will release the debtor from any personal liability for payment. Once a deficit is discharged under Chapter 7, the creditor may no longer seek future restitution from the creditor. Obligations relating to alimony, child...
Chapter 7 bankruptcy may be the best and quickest path to a fresh start for many seeking the protection of bankruptcy in San Jose. Contact us today for a free bankruptcy consultation!
Chapter 7 Bankruptcy A Chapter 7 bankruptcy allows certain types of debts to be discharged. This means when an individual files a Chapter 7 bankruptcy, they are not required to pay back the debt owed. Chapter 7 is also known as a liquidation, meaning that your assets may be liquidated to ...
Bankruptcy Type Description Chapter 7 This form is the most common as it is the simplest. When you claim chapter 7 bankruptcy, you are claiming liquidation bankruptcy, meaning you are liquidating or distributing all your assets to creditors in order to satisfy debts. This then allows you to ...
After a Chapter 7 discharge, you are no longer obligated to pay back any discharged debts. However, this does not preclude you from voluntarily paying off your debts after the bankruptcy. If you want to protect your cosigners and guarantors, you can continue paying the debt until it's paid...
Chapter 12 is a special form of bankruptcy filing in the United States that applies specifically to farms and fisheries.
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