By simply using chapter 7 it becomes possible for the trustee to actually cancel all the debts which you might be charged with. It is also possible for the trustee to liquidate a portion of your property so as cover some of your debts. Chapter 7 bankruptcy is also commonly known as liquidation or straight bankruptcy. Here is an overview of Chapter 7 Monterey with regards to an individual who is actually eligible in filing, the documents required in this process, how this process work and what are some of the expectations of both your debts together with your time.
Chapter 7 also known as liquidation and chapter 13 are different in manner that chapter 7 demands the debtor to clear all his debt at once while on the other hand chapter 13 requires the repayment to be done through a repayment plan as stipulated in by the law.
For a person to file such a case an individual is expected to fill a petition together with some other documents and then file these documents in the bankruptcy court which is located within your residence. Under normal circumstances these forms usually request a particular to give a detailed information concerning his debts, property, monthly expenses and exempt property.
This also implies that this kind of test is basically meant to inhibit the filers who have the ability of being able to repay creditors from discharging such arrears. This therefore implies that this kind of test is used to assess the debtors arrears plus the income from the previous six months.
This test is also aimed at inhibiting who particularly has the ability of repaying his debt from discharging the debt. The test is also used in evaluating the debt of an individual plus the income of the debtor in the past six months. If it comes to notice that the debtor has some leftovers in his monthly income which are left after an individual has repaid all his debts then it means that the filer has totally failed that test.
In this case an individual cannot sell or even give away your possessions when you basically file or in the instances when you pay off the pre filing debts without the consent of the court. But with some few expectations an individual can do whatever he feels like with his own assets which he acquires and the income which one earns after he has filed this type of a case.
The bankruptcy court usually exercises control over your possession through a bankruptcy trustee who is basically a person who has been appointed by the court. This person duty is basically to make sure that all the creditors are paid the correct amount which the debtors owes them.
The automatic stay usually protects the filer from the creditors attempt to collect his debt when the liquidation process is in progress. When this automatic stay has been put into an effect then all activities involved with collection such pending lawsuits need to cease.
Chapter 7 also known as liquidation and chapter 13 are different in manner that chapter 7 demands the debtor to clear all his debt at once while on the other hand chapter 13 requires the repayment to be done through a repayment plan as stipulated in by the law.
For a person to file such a case an individual is expected to fill a petition together with some other documents and then file these documents in the bankruptcy court which is located within your residence. Under normal circumstances these forms usually request a particular to give a detailed information concerning his debts, property, monthly expenses and exempt property.
This also implies that this kind of test is basically meant to inhibit the filers who have the ability of being able to repay creditors from discharging such arrears. This therefore implies that this kind of test is used to assess the debtors arrears plus the income from the previous six months.
This test is also aimed at inhibiting who particularly has the ability of repaying his debt from discharging the debt. The test is also used in evaluating the debt of an individual plus the income of the debtor in the past six months. If it comes to notice that the debtor has some leftovers in his monthly income which are left after an individual has repaid all his debts then it means that the filer has totally failed that test.
In this case an individual cannot sell or even give away your possessions when you basically file or in the instances when you pay off the pre filing debts without the consent of the court. But with some few expectations an individual can do whatever he feels like with his own assets which he acquires and the income which one earns after he has filed this type of a case.
The bankruptcy court usually exercises control over your possession through a bankruptcy trustee who is basically a person who has been appointed by the court. This person duty is basically to make sure that all the creditors are paid the correct amount which the debtors owes them.
The automatic stay usually protects the filer from the creditors attempt to collect his debt when the liquidation process is in progress. When this automatic stay has been put into an effect then all activities involved with collection such pending lawsuits need to cease.
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