Personal Bankruptcy Info Critical For Filing Chapter 7 Bankruptcy

June 15, 2010 - PRLog -- A court appointed bankruptcy trustee converts the previously owned assets into cash to pay of the creditors. The new bankruptcy laws however, seek to impose certain restrictions on bankruptcy filers whenever they are filing for a personal bankruptcy under chapter 7 bankruptcy procedures. Not to say that anybody who is a resident of US and owns a property or business can file for a bankruptcy under chapter 7.  But all the debts do not get chapter 7 bankruptcy discharged. Certain debts like child support taxes, liability caused due to injury or death on account of drunken driving, student loans, fines or penalties on criminal offenses and non-dischargeable debts accrued from previous bankruptcy are not eligible for a discharge.    

Another important aspect of bankruptcy filing is that a debtor who has been previously discharged for debts under chapter 7 prior to six years or has availed a chapter 13 bankruptcy plan to reorganize finances and for repaying his earlier creditors is not eligible to file for a personal bankruptcy under chapter 7. Alternatively, even if a bankruptcy petition has been dismissed for any reason cannot file for one within 180 days. Other cases which are likely to run into rough weather involve the debtors who try to hide their financial situations by lying to the judge with the intention of cheating his creditors or the court trustee.  Typically, a bankruptcy solution under chapter 7 seeks to:
1. Eliminate community debts.
2. Put an end to liens, if any.
3. Prevent or stop home foreclosures.
4. Stop harassments caused by creditors.
5. Provide financial protection to the debtors by imposing restrictions on creditors who could be the filer’s employers.

Thus, by filing a chapter 7 bankruptcy foreclosure of home could be avoided. That is as far as the debtor is concerned. The other parties involved in the bankruptcy court proceedings are:
1. Bankruptcy judge who is in charge of the case.
2. Court trustee who takes care of the administrative functions.
3. Creditors to whom the debtor owes money.

Bankruptcy might grant a reprieve to a debtor from excessive debts but its effects are felt and actually experienced by individuals, who have been discharged for their debts, for a long time to come. And it could be quite a serious financial decision to file for a bankruptcy. The bankruptcy laws as well as code accord protection to the debtor, but it is imperative for a debtor to have personal bankruptcy info before filing for one. The best way to go about it is to utilize the professional services of reputed online service providers like www.bankruptcyonly.com who employ qualified and highly experienced bankruptcy attorneys. By availing the much desired bankruptcy consultation, you could get for yourself proper guidance and factual information pertaining to personal bankruptcy filing procedures as well as the qualification criteria required by law, to be eligible for a chapter 7 or chapter 13 personal or business bankruptcy filing solution.


By filing for a chapter 7 bankruptcy foreclosure of home could be avoided.  But filing for a bankruptcy itself is a serious financial decision. Hence, it is imperative for personal or business bankruptcy filers to avail bankruptcy consultation with an experienced bankruptcy lawyer prior to actually filing for one
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