Possibly you know this – the whole concept of Massachusetts Chapter 7 bankruptcy is typically designed as an orderly, court-supervised procedure by which the trustee collects the assets of the debtor’s estate, they reduce them to cash to make distributions to creditors, subject to the debtor’s right to retain certain exempt property and the rights of secured creditors.
That’s right; when you file bankruptcy Massachusetts under Chapter 13, or the chapter 7, the first question which you might ask, how its going to help you. As a matter of fact - Chapter 7 bankruptcy of the Title 11 of the United States Bankruptcy Code has been also referred as the "liquidation proceeding." This stands as one of the common forms of bankruptcy today. This certainly helps in relieving the debtor from any and all financial obligations and typically the court process for a chapter 7 bankruptcy can last approximately 4-6 months.
Let’s face this - because there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor’s assets. Massachusetts Bankruptcy filing process has called this as the “no-asset cases.” Usually debtors with assets that they wish to keep and that are not covered by exemptions are thus free to file chapter 13 bankruptcy.
To be honest- the creditor holding an unsecured claim will typically get a distribution from the bankruptcy and in most of the cases the debtor receives a discharge, which releases the debtor from personal liability for certain dischargeable debts.
Eligibility for Chapter 7 Petition
Well, unlike the Chapter 13 petition Massachusetts Chapter 7 Bankruptcy has no limits on the amounts of secured and unsecured claims for eligibility. All that the debtor requires to file under this chapter are - a domicile (residence), a place of business, or property in the United States, under 11 USC § 109(a).
What’s more? Well, the debtor is also required to receive credit counseling during the 180-day period before filing the Chapter 7 petition.
This content has been taken from: http://www.articleconsortium.info/article.php?id=33811
That’s right; when you file bankruptcy Massachusetts under Chapter 13, or the chapter 7, the first question which you might ask, how its going to help you. As a matter of fact - Chapter 7 bankruptcy of the Title 11 of the United States Bankruptcy Code has been also referred as the "liquidation proceeding." This stands as one of the common forms of bankruptcy today. This certainly helps in relieving the debtor from any and all financial obligations and typically the court process for a chapter 7 bankruptcy can last approximately 4-6 months.
Let’s face this - because there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor’s assets. Massachusetts Bankruptcy filing process has called this as the “no-asset cases.” Usually debtors with assets that they wish to keep and that are not covered by exemptions are thus free to file chapter 13 bankruptcy.
To be honest- the creditor holding an unsecured claim will typically get a distribution from the bankruptcy and in most of the cases the debtor receives a discharge, which releases the debtor from personal liability for certain dischargeable debts.
Eligibility for Chapter 7 Petition
Well, unlike the Chapter 13 petition Massachusetts Chapter 7 Bankruptcy has no limits on the amounts of secured and unsecured claims for eligibility. All that the debtor requires to file under this chapter are - a domicile (residence), a place of business, or property in the United States, under 11 USC § 109(a).
What’s more? Well, the debtor is also required to receive credit counseling during the 180-day period before filing the Chapter 7 petition.
This content has been taken from: http://www.articleconsortium.info/article.php?id=33811
