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Bankruptcy: file Chapter 7 bankruptcy

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annie1
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Subject: Bankruptcy: file Chapter 7 bankruptcy

Fri Jan 16, 2009 1:18 pm

Under what conditions can I file a Chapter 7 bankruptcy? Is it necessary to go for credit counseling program before I file bankruptcy? I have a discharged Chapter 13 bankruptcy in 2002, am I eligible for filing bankruptcy now.

anthony

anthony

Joined: 31 Jul 2006
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Posts: 516

13571 Magic Points

Fri Jan 16, 2009 1:35 pm

You can file Chapter 7 bankruptcy only if you do not have a permanent source of income to pay off the outstanding debt. If you have an income source from which you can pay off the debt through repayment plans, you would not be allowed to file a Chapter 7 bankruptcy as per the recent bankruptcy laws. This is because Chapter 7 bankruptcy is also known as liquidation bankruptcy and you may not be required to pay a single amount towards the debt.
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A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.

scott

Joined: 28 Jun 2006
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Posts: 446

10878 Magic Points

Fri Jan 16, 2009 1:47 pm

Hi annie
If you have a discharged Chapter 13 bankruptcy within the last six years, you are not eligible for filing a bankruptcy. However, if it has been discharged after paying more than 70% of the outstanding debt amount, you can file one even within this 6 years time period. Credit counseling is essential before you file bankruptcy and you must take the counseling program within 180 days of filing bankruptcy.
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SCOTT

Use your credit account responsibly and enjoy a debt free life.

Kamren
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Subject: laRKWHtLAMBbjFWXlF

Tue Jul 05, 2011 6:15 am

Whevoer wrote this, you know how to make a good article.

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* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
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Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.

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