We have all heard of chapter 7 bankruptcy, although many of us if asked probably could not give a precise answer to what exactly it entails. Sadly many folks make dreadful errors in their bankruptcy filing because of this lack of explanation. It is more than understandable that most of us will want to avoid getting into bankruptcy proceedings. Naturally the idea of being in a situation where your debts are worth more than what you earn is not very popular, but regardless of this if you find yourself in this predicament, making sure you understand what’s involved in Filing For Chapter 7 Bankruptcy is absolutely required.
There are a number of different forms of bankruptcy such as chapter 11 bankruptcy and the more common chapter 7 bankruptcy.
Defining chapter 7 bankruptcy for all: Chapter 7 bankruptcy as defined by US and its courts law refers to the action or liquidating not legally exempt from liquidation assets with the desired outcome of paying back creditors and ebtors alike.
Businesses/partnerships/corporations and individuals can apply for a chapter 7 bankruptcy. There is, however, a special clause open to the individual within the framework of this chapter filing that is not available to the other entities. This extra clause for the individual is commonly known as a discharge. In essence what this discharge entails is the opportunity of freeing the individual from a host of certain debts.
Filing Chapter 7 Bankruptcy
On a baseline level, those filing for Chapter 7 must provide: tax returns, contracts of an executive nature, statements of financial affairs, all proof of liabilities and assets as well as documents to prove one’s current income and necessary expenses.
For individuals there are additional items that must be provided to the court as well. As an individual you can expect to have to supply: copies of your reports for credit counseling as well as any payment plan programs, statements of income/employee payments and in the case of being a student, copies of documents stating interest payments on one’s student loans. If you are in a situation where filing chapter 7 bankruptcy or any other bankruptcy type is a necessity, make sure you take a visit to the US courts website. However, remember filing for Chapter 7 protection by yourself is not advised, you should get professional help from a lawyer.
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