What's the laws regarding ch 7 bankruptcy?

by **edmondo93** » Tue Nov 22, 2011 10:16 am

I've made mistakes in the past and want to start fresh! I live in missouri and i think bankruptcy is my only choice right now! What are the guidlines and what can i file on and what can't i file on. Also what's my first step?

by **chavivi** » Tue Nov 22, 2011 10:20 am

This page will answer all of your questions: http://www.nolo.com/resource.cfm/catID/283B9600-ECC3-49ED-9D9A20A3E13F42E0/213/161/128/

by **arne33** » Tue Nov 22, 2011 10:26 am

First step is to see if you can qualify to file for Chapter 7. You have to pass a "means" test...which means that your income must be under a certain level. Most BK attorneys offer a free consult....start there first...they can tell you whether or not you qualify to file for Chapter 7. Don't rush into a decision though.

by **PamillaAnderson** » Tue Nov 06, 2012 11:17 am

As per my knowledge, Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".

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