Comments for Chapter 7 Bankruptcy Information

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Comment on What happens after you declare bankrupcy? by finallyfree

finallyfree — Tue, 13 Oct 2009 07:08:35 +0000

Corporate bankruptcy is very different from consumer bankruptcy. Chapter 7 is a complete discharge bankruptcy. You state all debt which includes good debt and bad debt. You have to list all accounts either open or closed for the purpose of showing your outstanding debt compared to your income. If you have anything open when you file a Chapter 7 it is automatically closed by the credit grantor. This includes checking accounts. The reason for this is that if you cannot pay ANY of your creditors, (which is the purpose of the Chapter 7) then you dont need anything open. After a Chapter 7 which is a complete discharge you have nothing owed to anyone. Be careful of creditors that ask you to either reaffirm your loans with them or if there was a creditor involved with secured propertiy like a car. These creditors have a loop hole that could cause you to still owe their debt even after the discharge. when you have a repo there is a deficiency balance that is owed. Usually. Well if they reposess when you begin your bankruptcy and have filed, they usually are listed as a secured claim because of the car. Well once the car is gone then they are no longer a secured creditor. You have to be sure to include them in both schedules of the Bankruptcy. If you dont they can post a claim for the unsecured portion after you discharge and ruin the whole thing. So after a bankruptcy you would have a charged off debt and set you back even farther. Thats all on a 7 unless you want to email me and I can help you further. On a Chapter 11, it is set up similar to a Chapter 13 for the consumer. It is like a debt consolidation without the home loan and your servicing is through the bankruptcy courts instead. Chapter 11 is a restructure of debt. Restructure or consolidation same difference,. The court can determine what percentage of that debt should be repaid based on how established the company is and if they can recover vs. if they are folding and wish to file and then reopen under different statistical information. Not too many things to watch for here other than making sure the creditors are applying the payments they receive from the bankruptcy court.

Comment on What happens after you declare bankrupcy? by seun u

seun u — Sun, 11 Oct 2009 15:28:23 +0000

Businesses file under Chapter 11 bankruptcy. This allows them to retain their hold over their assets. The debts are repaid over a period of few months to few years. This type of bankruptcy is meant for restructuring debts and hence can be quite complicated. Use the services of an expert attorney while filing under this type.

Comment on what documents do you need to have to file bankruptcy chapter 7? by SoCal Attorney

SoCal Attorney — Sun, 11 Oct 2009 14:45:07 +0000

I am a bankruptcy attorney in San Diego. Some of the documentation requirements vary slightly depends on which district you file your bankruptcy case (there are 4 in California). However, you will definitely be required to provide a copy of your most recently filed tax return to the trustee assigned to your case. You will also need your stubs or other income documentation for the 60-day period leading up to the filing date of your bankruptcy. I’ve been involved in many bankruptcy cases and I’ve never had to provide one of my client’s W-2 forms.

Filing bankruptcy is hard to do without an attorney. If you don’t follow all of the requirements, your case could be dismissed without a discharge or you may lose property that an experienced bankruptcy attorney might help you keep. I suggest contacting a member of the National Association of Consumer Bankruptcy Attorneys for a consultation.

Comment on what documents do you need to have to file bankruptcy chapter 7? by S P

S P — Thu, 08 Oct 2009 07:21:06 +0000

I filed last year, had to supply last 4 years of taxes, last 6 months of paystubs, list of all the debts and you also have to take a mandatory credit counseling course. Contact a local bk attorney and get in to see them free to see if you even qualify for the 7….The above paperwork is what they will need to see unless you have assets, they will need to see that paperwork as well. I had to pay to have a credit report pulled from all three credit bureaus as well. Good Luck!

Comment on What happens after you declare bankrupcy? by c1523456

c1523456 — Thu, 08 Oct 2009 06:15:33 +0000

Is this a corporation or sole proprietorship? There are differences in bankruptcy. Chapter 7 is a total liquidation of the business. This is a last result. However, for businesses creditors can force a business to file Chapter 7.

If you can get Chapter 11, it will be cheaper and the ability to negotiate your debts down.