Whether you are choosing chapter 7 or chapter 13 of the bankruptcy laws, it is important for you to get the bankruptcy information first. To get bankruptcy information, you can consult with the financial expert or a bankruptcy lawyer.
Today, the introduction of new bankruptcy laws has made it possible for the people to reduce the amount of risk and the dreadful consequences of insolvency. There are mainly two chapters, namely chapter 7 and chapter 13, under which you can file insolvency. If you do not have bankruptcy information on these chapters of the bankruptcy laws, then this article will provide few details about the chapters that can be helpful for you. Since chapter 7 is common among the defaulters, let us see and understand it completely before taking up the financial decision.
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Well, if you are ready to sacrifice your assets, then the court can help you declare chapter 7 of the bankruptcy laws. Your assets will be liquidated by the creditor after the court permits to do so. However, you must file a petition at the court to determine the actual chapter you have chosen. According to the bankruptcy information given by top financial analysts and bankruptcy lawyers, chapter 7 of the bankruptcy laws is often called as liquidation bankruptcy. Through this law, you can repay your creditors by selling some of your assets that is equivalent to the value of debt you owe.
Do you know how much does it cost to declare chapter 7 of the bankruptcy laws? Well, if we include all the costs that are incurred while filing chapter 7, it will be valued at $299. This includes the filing fees as well as the documentation and paperwork. Well, one you have filed a petition at the court, the case will be completed within six months. The legal process of filling bankruptcy can be quite complex if you are a new defaulter or not used to it. Therefore, it is important as well as beneficial if you seek help and get bankruptcy information before taking this crucial financial decision.
You must be aware of the time taken at the court and how the hearings are frequented. Well, if you choose chapter 7 of the bankruptcy laws, you will have to visit the court only once. However, you must attend credit counselling before you choose bankruptcy. You must keep in mind that you are allowed to file chapter 7 of the bankruptcy laws only after 6 - 8 years of your previous bankruptcy filings.
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