If your creditors keep on to go after you right after getting see of the bankruptcy, they may be matter to sanctions via the bankruptcy courtroom. Do I have to file for bankruptcy if I'm in financial debt?
On top of that, the Bankruptcy Code enables the debtor to maintain particular "exempt" house; but a trustee will liquidate the debtor's remaining assets. Accordingly, opportunity debtors should realize that the filing of the petition under chapter seven may well end in the lack of property. Chapter thirteen Bankruptcy
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A chapter seven bankruptcy case will not entail the filing of the system of repayment as in chapter 13. In its place, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such property to pay holders of promises (creditors) in accordance Using the provisions of your Bankruptcy Code. Component of the debtor's house may very well be topic to liens and mortgages that pledge the property to other creditors.
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