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Chapter 7 Bankruptcy – What to Expect When You File Chapter 7
When the word “bankruptcy” comes to mind, people often think of “Chapter 7” bankruptcy because this is a common practice. Under this type of bankruptcy, most of a person’s debts are written off. However, a person filing for bankruptcy may have to give up certain assets.
How to File Chapter 7 Bankruptcy
There were some amendments to the bankruptcy laws that went into effect in October 2005, including a two-pronged test. This will determine whether a person qualifies for Chapter 7 bankruptcy.
1: Determines the ability to pay – The debtor’s income is assessed under a specific formula, which exempts certain necessary expenses, such as rent and food, to see if the debtor can pay 25% of the “unsecured debt that is not important.
2. Salary Compared to Government Median Income – The debtor’s salary is compared to the average income of the general government.
If the debtor happens to make more than the federal median income, and finds out that the person can repay 25% of the “non-priority unsecured debt”, the debtor will NOT qualify for Chapter 7 Bankruptcy and will have to look into filing a Chapter. 13 Sinking.
The debtor must also have a meeting with a debt counselor sometime in the 6 months before filing for bankruptcy. He also has to attend money management classes and has to pay for them out of pocket.
Another debtor has filed for bankruptcy, the debtor’s estate is protected by an “automatic stay”. This means that creditors cannot attempt to collect debts without first obtaining the approval of the bankruptcy court. Therefore, the debtor does not have to worry about their house being foreclosed, their car being repossessed, being evicted, having their wages or bank accounts garnished, cutting off their electricity, or any other measures that lenders may try to take. to recover any monies owed.
Although his stay may prevent the debtor from being evicted from his house, any new obligations that the creditor may incur will be paid to those who owe him. For example, if the debtor continues to rent the house, if he does not pay any rent received AFTER the date of the bankruptcy filing, he may be liable for foreclosure.
The Chapter 7 bankruptcy process
A trustee is usually appointed by the court in a Chapter 7 bankruptcy case. The trustee’s main job is to make sure your creditors are paid as much as possible of the amount you owe them. The more investors the trustee can find, the more the trustee gets paid.
There will be a short hearing called a “meeting of creditors” where the debtor must attend but the debtors usually do not appear at the hearing. The trustee asks the debtor questions about his assets and liabilities. This test usually takes about five minutes.
After the trustee completes the borrower’s proceeds from the liquidation of his undischarged assets, most of the remaining unsecured debts are discharged.
In general, Chapter 7 bankruptcy takes four to six months to complete.
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