Chapter 7 Rules
Description
How to fill out Discharge Of Joint Debtors - Chapter 7 - Updated 2005 Act Form?
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Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
Closing Your Bankruptcy Case Your trustee only has control of your estate until the bankruptcy is complete. However, if something was in progress during your bankruptcy and you don't collect the money until later, your trustee could still gain access to it.
A Chapter 7 bankruptcy is also called a liquidation bankruptcy because you have to sell nonexempt possessions and use the proceeds to repay your creditors. You do get to keep exempt assets and possessions, up to a limit. Once the process is complete, the remainder of your included debts is discharged.
What can't be done through Chapter 7? A Chapter 7 bankruptcy cannot: Discharge past-due child support, property taxes, recent IRS debts, and most student loans. Protect you from ?hot check? or other criminal charges, or waive criminal fines, fees, penalties, and restitution.