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What property you will lose and what you may keep in a Chapter 7 bankruptcy case depends on your state’s law and the types of exemptions, like wildcard exemptions, available in your jurisdiction.
→ Read MoreBankruptcy exemptions refer to assets that you may keep when you file for Chapter 7 bankruptcy. As a general rule, Chapter 7 or total liquidation bankruptcy will require that you surrender most of your cash and many of the possessions you own so these items can be sold.
→ Read MoreMost Chapter 7 cases involve individual debtors who have no assets to satisfy any portion of their creditors’ claims. These are called “no-asset” cases. In these cases, the court will hold a discharge hearing, and if there are no objections to the discharge filed by creditors, the court will cancel (discharge) the debts covered in the petition. The debtor is then no longer responsible for those debts.
→ Read MoreThere are three different bankruptcy chapters under the Bankruptcy Code through which an individual can file, and they are called Chapter 7, Chapter 11, and Chapter 13. A Chapter 7 case is sometimes called a ‘straight’ bankruptcy, or a ‘liquidation.’
→ Read MoreThe state generally cannot suspend a license because you filed for bankruptcy. It is illegal for a governmental unit to deny, revoke, suspend, or refused to renew a license, permit, charter, franchise, or other similar grant to someone solely by reason of his/her having been a debtor, having been insolvent prior to discharge, or having failed to pay a dischargeable debt.
→ Read MoreFind the right lawyer for your legal issue.
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