You may already be aware of the likelihood that your outstanding unsecured debt will be discharged, leaving you debt-free. You can use the chapter 7 bankruptcy rules to determine which of your assets will be exempt under the law and which will likely be liquidated to repay your creditors.
Check your eligibility for chapter 7 bankruptcy as the initial step. Chapter 7 bankruptcy typically applies to individuals who have absolutely no means of repaying creditors and settling debts. You will require the assistance of a professional to evaluate your assets and liabilities and eligibility for chapter 7 bankruptcy. If you satisfy the means test, you may be eligible for a complete discharge of your debts under Chapter 7.
A discharge is typically granted within two to three months after the first meeting with creditors after filing for bankruptcy, unless one of the creditors objects to the discharge. In the event of an objection, the court will implement the rules of chapter 7 bankruptcy to either uphold or dismiss your petition. According to chapter 7 bankruptcy rules, you may not receive a discharge if you conceal assets, use illegal means, or neglect to provide court-requested information. You are also required to complete a course on money management, absent which the court may deny your discharge.
If you have assets that you cannot afford to lose, you could reaffirm the debt by pledging to pay the creditor for those assets. Reaffirmation is not guaranteed and may only be possible after a comprehensive review of your finances following your release. If you stop making payments, the creditor has the right to reclaim the asset. Some debts, including alimony, back taxes, and student loans, cannot be discharged under Chapter 7 bankruptcy regulations. Regardless, you will need to compensate them.
A comprehensive examination of chapter 7 bankruptcy rules can help you determine if this option is appropriate.""
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