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Chapter 7 Bankruptcy FAQ's

What is a Chapter 7 Bankruptcy?

A chapter 7 bankruptcy completely liquidates all your debts. Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States.

Is Chapter 7 right for me?

This will depend on your individual situation. The best way to get an answer to this question is to call in and talk to an attorney. You will have to pass a means test to determine if you qualify to file chapter 7. If chapter 7 is not right for your situation, you might need to file a chapter 13.

Is it difficult to file a chapter 7 bankruptcy under the new bankruptcy laws?

No, not at all. You have to pass a means test showing that you don't make enough to pay all the debts.

What are some of the most common causes for a Chapter 7 Bankruptcy?

Divorce, major medical illness, loss of job just to name a few.

What will happen to tax liens that survive a Chapter 7 Bankruptcy discharge?

If the discharge in the Chapter 7 case eliminates the debtor's personal liability for the tax year or years for which there is a lien, the lien survives only as a charge on the equity in the property that the debtor owned at the beginning of the case.
The lien, though not discharged, does not attach to assets that you acquire after the case is filed.

Your choices after the discharge are pay the IRS the value of the equity in assets to which the lien attached at the beginning of the case; do nothing in the expectation that the IRS will not attempt to enforce a lien, if the collateral is of little value or is exempt from levy by law; file a Chapter 13 to pay the lien over time if it attaches to assets of significant value.

Can the debtor receive a second discharge in a later chapter 7 case?

You will be denied a discharge in subsequent chapter 7 case if the you received a discharge under chapter 7 or chapter 11 in a case filed within eight years before the subsequent petition is filed. You will also be denied a chapter 7 discharge if you previously received a discharge in a chapter 12 or chapter 13 case filed within six years before the date of the filing of the second case unless (1) you paid all “allowed unsecured” claims in the earlier case in full, or (2) you made payments under the plan in the earlier case totaling at least 70 percent of the allowed unsecured claims and your plan was proposed in good faith and the payments represented your best effort. You are ineligible for discharge under chapter 13 if you received a prior discharge in a chapter 7, 11, or 12 case filed four years before the current case or in a chapter 13 case filed two years before the current case.

What happens when you file a Chapter 7 Bankruptcy?

When you file a chapter 7 bankruptcy, your creditors will be notified of your filing. You will be scheduled for a 341 hearing. At the 341 meeting, you will answer some questions about your petition from the trustee at the hearing. Once the hearing is complete, it takes approximately 90 days to receive a discharge. You are required to attend a pre-debtors class and a post debtor's class.

The information contained on this site is for informational purposes ONLY. We are not providing legal advice. For information specific to your case, call for your free consultation TODAY! We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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