Chapter 7 bankruptcy is a nightmare. There is no question about that. There are many scenarios in which chapter 7 bankruptcy may be the way forward in your particular case. Maybe your local attorney has given you the option or you have researched chapter 7 bankruptcy on the internet. Never the less here are some home truths about chapter 7 in my own personal experiences.
Can I file chapter 7 bankruptcy?
You must live or have a domicile, a place of business, or property in the USA or a municipality.
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You cannot have been granted a Chapter 7 discharge within the last 6 years or completed a Chapter 13 plan. You cannot have had a bankruptcy filing dismissed for cause within the last 180 days. You must pass a number of means tests in order to qualify. It would not be fundamentally unfair to grant the debtor relief under Chapter 7.
How it works
You will need to go to court to prove that you are eligible for chapter 7 bankruptcy and the judge will look at each case on a "case to case" basis to determine if you are eligible. Once the judge grants you chapter 7 you are then assigned a state or court ordered "keeper or trustee" to look after your finances. This person will have control of your salary and pay any outstanding debts that you owe.
How long will chapter 7 bankruptcy stay on my credit file?
Chapter 7 bankruptcy will stay on your credit file for 7 years in most states. It will stay on court records for up to 10 years. In this time it will be very difficult to get credit, obviously loan companies and mortgage providers do not take lightly to bankrupts and you will have a very hard time trying to find one that will accept you, although there are still some companies that will take you on board.
Are there alternatives to bankruptcy?
Yes there are many other solutions out there that allow you not to follow the road to being bankrupt. Be careful who you choose and do your due diligence on these companies to make sure they can do what they say they can do. In most cases you are put on a plan or a system/program that slowly reduces your outgoings each month and allows you to settle with your creditors at very favourable rates. They also are able to put safe guards in pace to protect your assets and holdings.
Remember, you cannot go to prison if you do not pay your debts. The USA does not have a debtors prison.
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