Just wondering if anyone is familiar with the process. I will be going through a Chapter 7 and am somewhat scared and nervous. Is this a relatively smooth process? Do creditors try and challege? I have exhausted all othe avenues of repayment and I will be filng soon. Any advice or guidance is appreciated.
2007-02-22 16:26:20 · 6 answers · asked by JennyF 2 in Business & Finance ➔ Credit
I worked for a Chapter 7 trustee for several years. Generally, creditors should not be a problem - it is unlikely that any will even appear at your creditor's meeting, unless you need to sign a reaffirmation agreement or make arrangements to turn over a secured asset. If you do encounter any bumps along the way, your attorney will let you know how to proceed.
As long as you cooperate with your case trustee, you should have no problem. Check out the link below to read a helpful article that explains the Chapter 7 bankruptcy process in detail. Good luck :-)
2007-02-23 06:47:00 · answer #1 · answered by Dawn H 2 · 0⤊ 0⤋
Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
2007-02-22 23:01:48 · answer #2 · answered by hendy h 2 · 0⤊ 0⤋
Yea I think they go pretty easy. My best friend is actually doing it now. She said it cost's alot though. Like $2,300 or something like that. But it's kinda funny, If your having a hard time paying your bills it's probably gonna be hard to come up w/that much cash right? It's pretty bad when you can't afford to be broke. ha! She said she asked the lawyer the same question and he said the only way they really put up a fuss is if they think you somehow may have commited fraud w/that debt I guess. Not really sure all the details but call around to diff lawyers and ask questions. Good Luck!
2007-02-22 16:34:12 · answer #3 · answered by same girl/new name :) 5 · 0⤊ 0⤋
I know 4 people who filed Chapter 7, and no creditors showed up at the hearing to challenge. I wouldn't worry too much about it.
2007-02-22 16:29:41 · answer #4 · answered by RiverGirl 7 · 0⤊ 0⤋
it really is likely the lenders gained't tutor, until eventually they fairly trust you're conserving out on them. The trustee will in effortless words ask a handful of questions like: Did you record all of your resources? Did you record all of your debts? How lengthy have you ever lived in this state? without delay describe the way you ended up in this subject... Do you owe any alimony or baby help? Its truly a cinch! do not sweat it, yet for sure take it heavily.
2016-12-04 20:05:53 · answer #5 · answered by ? 4 · 0⤊ 0⤋
It's not that bad, it's the recovery period afterwards that takes the longest.
2007-02-22 16:35:14 · answer #6 · answered by netthiefx 5 · 0⤊ 0⤋