My brother and sister in law are in debt up to their eyeballs and I wanted to know how the process is for a chapter 7 and how the courts decide what they are going to do with you.
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Short and simple.... you file a petition, then you have a meeting of the creditors (which usually just consists of you, your attorney, and the trustee), then roughly 60 days after that you receive your discharge. Done.
Basically unless you are doing something wrong or other weird unknown facts, "the courts" don't decide to do anything to you.
It would help tremendously to have more info i.e., what state they are in, how much debt, is it all unsecured or do they have any secured, what's their income total (gross) for the last 6 months. This is all information that is needed to even determine if chapter 7 is available to them."Try to save money. Someday it may be valuable again." - Anonymous -
Let's start with the State and family size Jenn. Then we can help you with Median Income level, Exemptions, and such.
Other than the Means Test, BK is really pretty much the same process you went thru under Old Law.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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