Chapter 7 is the most common type of bankruptcy, and is sometimes referred to as liquidation bankruptcy or straight bankruptcy. Section 7 is by and large the most straightforward and speediest type of chapter 11 and is accessible to people, wedded couples, companies and organizations.. Chapter 7 is one way for you to begin reestablishing your credit by eliminating the bulk, if not all, of your unsecured debt dramatically reducing your debt to income ratio.
Creditworthiness and the likelihood of receiving a Chapter 7 discharge are only a few of many issues to be considered in determining whether to file bankruptcy. Chapter 7 is used most often by people who are unemployed or very deeply in debt due to medical expenses or unexpected financial circumstances.
The process for a Chapter 7 bankruptcy is relatively easy. After a meeting Chung, Malhas & Mantel, PLLC expet litigation Seattle attorneys to discuss your financial situation, a bankruptcy filing may be recommended. In the case of a Chapter 7 filing, you will need to attend a creditors meeting, which generally takes place 30 days after the filing of the bankruptcy petition.
Property is one of the biggest areas of concern for those considering bankruptcy. Consulting your Chung, Malhas & Mantel, PLLC attorney will make it clear whether or not your property is at risk when you file Chapter 7 bankruptcy. Sometimes property can be taken by the bankruptcy official (trustee) and sold to pay on your debts.