Chapter 7 Bankruptcy:
The best way to file for bankruptcy is to hire an attorney to guide you through the process. There are several forms that need to be filled out and can run into 30-60 pages of legal matter. Most attorneys use computers to generate the large amounts of data required so the processing time is considerably lower.
In about 30 to 40 days after filing for chapter 7 bankruptcy you will need to go to court for the First Meeting of Creditors. The bankruptcy court issues a discharge of all debts 60 to 75 days after the First Meeting of Creditors. Once you have filed for bankruptcy, you no longer need to deal with or fend calls from creditors. You can refer them to your attorney.
Your credit rating takes quite a beating in the entire process of filing for a Chapter 7 bankruptcy. It can take 3-4 years before you will be able to establish an ‘A’ credit mortgage again and getting a credit card may be practically impossible for a few years. The bankruptcy will stay a part of your credit history for 10 years.
Thus, a Chapter 7 bankruptcy is designed to help honest citizens who have unintentionally landed themselves in a financial crisis.
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Headlines & Topics Relating to Bankruptcy And Debt:
A new measure passed through congress could make it far more difficult for those considering bankruptcy to wipe their debts by going taking this route.
Topic Added May 12th, 2005
Topic Added July 18th, 2005
A toy company has had a finance plan approved through the courts in a bid to pull itself out of bankruptcy with minimal damage.
Topic Added September 8th, 2005
Reports have indicated that in Eastern Wisconsin alone, bankruptcies rose by nearly thirteen percent.
Topic Added September 14th, 2005
Following plans for re-organization, which have been confirmed by the bankruptcy courts, KB Toys has announced plans to emerge from bankruptcy during the coming week.
Topic Added October 11th, 2005
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