djamal-soft
الاثنين، 5 مايو 2014
Many people who find themselves in a financial situation where they are contemplating liquidation wonder exactly what Chapter 7 is. It is the most common bankruptcy chapter filed in the U. S. It is named Chapter 7 as that is the chapter of the Bankruptcy Code it falls under.
It is also known as liquidation bankruptcy. Chapter 7 bankruptcy Louisiana is when a debtor's assets that have not been exempted are sold by a trustee. The proceeds obtained from the sale of the assets are used to settle outstanding creditors' amounts.
Before you start your petition, you should make sure that you have all the required documents available. These include reports like payslips, bank statements, credit card statements, loan agreements and anything else you may need for the completion of the petition. The information that you supply in the petition documents should be the same as those listed in your financial reports.
You will require a predetermined set of documents when you file for liquidation. The documents are available as a package from the bankruptcy clerk's office. It may be necessary to pay a fee for the documents. The pack will include documents such as assets and liabilities listings and financial affairs statements. You have to indicate your total financial situation to the court. This means you should list all your property, expenses, debts, property transfer and income. Upon completion of the pack, you need to file the petition with the court clerk. This stage will require a filing fee to be paid.
You will be required to successfully pass a means test calculation. This document has to be completed before the filing is done. The test calculates if you have the means to settle your debts. If you fail the means test, you will require special circumstances to file a petition under this chapter.
Once the petition has been filed, the court will issue a notice calling for a meeting of creditors. The notice is dispatched to all the creditors listed in the documents. During this meeting, the trustee will question you about your financial affairs. If the trustee is dissatisfied with the answers received, he or she has the right to postpone the meeting of creditors pending further investigation into your financial affairs. At this meeting, the creditors are also allowed to ask you questions related to your financial affairs.
The trustee is given permission to seize any property you have that is not exempted, and sell it to raise cash. You have the right to hold on to certain types of assets. This may include assets such as retirement accounts. Schedule C of your petition will indicate the list of exempted property you hold. The assets that are taken by the trustee will be available for distribution among your creditors.
If the creditors or the trustee do not raise any objections to your debt discharge, the court will discharge your debts 60 days after the first creditors meeting. The discharge protects you from any further collections from creditors. You should remain aware that you will not be discharged from all your debts.
It is also known as liquidation bankruptcy. Chapter 7 bankruptcy Louisiana is when a debtor's assets that have not been exempted are sold by a trustee. The proceeds obtained from the sale of the assets are used to settle outstanding creditors' amounts.
Before you start your petition, you should make sure that you have all the required documents available. These include reports like payslips, bank statements, credit card statements, loan agreements and anything else you may need for the completion of the petition. The information that you supply in the petition documents should be the same as those listed in your financial reports.
You will require a predetermined set of documents when you file for liquidation. The documents are available as a package from the bankruptcy clerk's office. It may be necessary to pay a fee for the documents. The pack will include documents such as assets and liabilities listings and financial affairs statements. You have to indicate your total financial situation to the court. This means you should list all your property, expenses, debts, property transfer and income. Upon completion of the pack, you need to file the petition with the court clerk. This stage will require a filing fee to be paid.
You will be required to successfully pass a means test calculation. This document has to be completed before the filing is done. The test calculates if you have the means to settle your debts. If you fail the means test, you will require special circumstances to file a petition under this chapter.
Once the petition has been filed, the court will issue a notice calling for a meeting of creditors. The notice is dispatched to all the creditors listed in the documents. During this meeting, the trustee will question you about your financial affairs. If the trustee is dissatisfied with the answers received, he or she has the right to postpone the meeting of creditors pending further investigation into your financial affairs. At this meeting, the creditors are also allowed to ask you questions related to your financial affairs.
The trustee is given permission to seize any property you have that is not exempted, and sell it to raise cash. You have the right to hold on to certain types of assets. This may include assets such as retirement accounts. Schedule C of your petition will indicate the list of exempted property you hold. The assets that are taken by the trustee will be available for distribution among your creditors.
If the creditors or the trustee do not raise any objections to your debt discharge, the court will discharge your debts 60 days after the first creditors meeting. The discharge protects you from any further collections from creditors. You should remain aware that you will not be discharged from all your debts.
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