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In addition to the court dismissing your case, another possible outcome is that your case may be converted to a Chapter 7 bankruptcy. The main difference between Chapter 7 and Chapter 13 is that ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
To get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy. You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 ...
A bankruptcy cannot be discharged until this document has been lodged. Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA. [23] A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding the administration of the bankrupt estate.
Chapter 7 is a liquidation bankruptcy, where one's nonexempt property and assets — possessions not protected by bankruptcy — are turned over to a trustee, and debt is discharged in 3 to 6 months.
Even though bankruptcy does not always discharge all of your debts, it can still be helpful to file in some cases. Bankruptcy is designed to give filers a fresh financial start. Bankruptcy is ...
Another change that resulted from the BAPCPA was an extension of the time between multiple bankruptcy filings. was amended to provide that the debtor would be denied a discharge if a debtor had received a discharge in a prior Chapter 7 case filed within eight years of the filing of the present case. Prior to BAPCPA, the rule was six years ...
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