Chapter 7 Bankruptcy Filings
Chapter 7 Bankruptcy Filings
Hello and welcome to another Making Law Easy Show. Today we’re gonna navigate Chapter seven bankruptcies. Given the current state of the economy with the stock market and sub prime mess it’s something that is becoming more topical and I have with me a 1-2-3 Law Group attorney who works with 1-2-3 Law Group on these types of projects. Warner thanks for joining us on the show and why don’t we jump right in. Why don’t we tell everyone what is a Chapter Seven bankruptcy filing?
0:00:38 Well basically bankruptcy overall is federal law that provides both individuals and businesses with an ability to either liquidate or reorganize their debts. And basically a common term that you hear regarding bankruptcies is getting a fresh start in getting out from and underneath your financial problems. As to a Chapter Seven, Chapter Seven is a chapter of the bankruptcy code which permits either an individual or a business to discharge or basically eliminate debt. It provides that those secured debt and unsecured debt can basically wiped clean from a debtor.
Well how do you decide if you qualify for a chapter seven bankruptcy filing?
Well it’s easy and yet again it really isn’t. In a chapter seven usually you can get a chapter seven bankruptcy if your debts are more than your assets. For example, if you make 5000 dollars month, and your debts are 6000 dollars a month that’s basically the first analysis that I look at as to whether or not you are going to be able to qualify for a chapter seven. The amount of money that goes out of your house or pocket monthly has to be more than what you are bringing in monthly…..Read Entire Manuscript .