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from: Chapter 7 Bankruptcy Does Not Have To Be Compicated
Jenny Natix
Explaining Chapter 7 Bankruptcy
The term "Chapter 7 bankruptcy" is a term that is thrown about a
great deal in the media, but clear and concise explanations of
the term are usually not offered. Because of this, there is some
confusion of what exactly chapter 7 bankruptcy actually is and
this confusion sometimes leads to people making critical errors
in judgment when the individual contemplates such a filing.
Certainly no one wants to become involved in bankruptcy
proceedings. There is good reason for this. In order to enter
bankruptcy proceedings, a person will have to have debts that
greatly exceed his or her net worth and, in addition, have no
visible or viable means of paying back the debts. When a person
or corporation finds itself in such a position, there becomes
the need to file for bankruptcy protection. This is a legal
situation and it requires the courts to rule in the matter.
There are a number of different forms of bankruptcy such as
chapter 11 bankruptcy and the more common chapter 7 bankruptcy.
Since chapter 7 bankruptcy is more common for individuals, it is
important that a detailed explanation of what chapter 7
bankruptcy actually is.
The Definition Of Chapter 7 Bankruptcy
According to the law and the United States court system, Chapter
7 bankruptcy refers to liquidation of assets that are not
legally exempt from liquidation in order to pay off creditors
and debtors. Chapter 7 is an option open to individuals,
businesses, partnerships and corporations. There is, however, a
special clause open to the individual within the framework of
this chapter filing that is not available to the other entities.
That special clause is known as a "discharge." What a discharge
refers to is the freeing of the individual from certain debts.
Filing Chapter 7 Bankruptcy
On a baseline level, those filing for Chapter 7 must provide
copies of tax returns; executed contracts and leases that have
been expired; financial affairs statements; proof of assets and
liabilities; and copies/schedules of current expenditures and
income. For individuals there are additional items that must be
provided to the court as well. These items include copies of
credit counseling reports and repayment plan programs, employer
payments and statements of income, interest payments on student
loans, etc.
This is, of course, a brief overview and more detailed
information is provided by the government and federal courts at
the website uscourts.gov. However, trying to figure out Chapter
7 protection by yourself is not advised and it would be far more
prudent to seek the advice of a legal professional as well.
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