It doesn't matter whether you are going for chapter 13 or chapter 7 of the bankruptcy laws, what is important is that you know and understand what these laws really are before you avail them so you will not encounter any problems in the future. Thus, gathering some information about them is crucial. And to get accurate details about bankruptcy especially in the chapters mentioned, it is best to get them from a lawyer or financial expert. In doing so, you will get more accurate infos.
The introduction of the new laws with regards to insolvency has greatly lowered the risk as well as the unpleasant consequences resulting from sudden collapse of good financial standing. There are 2 major chapters that are solely dedicated to the talk of filing insolvency and they are chapters 7 and 13 of the new bankruptcy law.
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Now, because chapter 7 is the more common case among the people who weren't able to pay off their debts and other obligations, provided below are some basic information about it. The details that you will learn is expected to help you make a decision before you finally decide to file a petition.
First of all, if you can bear to let your treasured properties go, then the court can assist you in declaring chapter 7. Under this law, your valuable possessions will be used to settle your obligations to the creditor. But this can only happen if the court will allow it. On the other hand, you are required to file a petition before the court so as to ascertain the exact chapter that you have picked.
Bankruptcy lawyers and expert financial analysts also refer to chapter 7 as the liquidation bankruptcy. By way of this bankruptcy law, you have the opportunity to pay your lenders through selling a number of your assets. The value of the assets that you will use as payment must be equivalent to the sum of that you owe.
Lastly, you must know that when you have a case in the court, regular hearings are often called for. But if you will decide to opt for this chapter 7 of the bankruptcy laws, you will only be asked to attend a court hearing on just one occasion. Then again, there's a need for you go through credit counseling prior to the filing of bankruptcy.
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