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Chapter 7 Bankruptcy Rules

Chapter 7 bankruptcy is just one of the many types of bankruptcy. Like any type of bankruptcy there are bound to be questions regarding how it works, what a person needs to do to qualify for bankruptcy is just one of the many questions that are asked. Questions like this are answered below by the Experts.

What is bankruptcy chapter 7?

Bankruptcy chapter 7 is from the Title 11 of the United States Bankruptcy Code, which directs the course of liquidation of assets under the United States bankruptcy laws. Chapter 7 bankruptcy is also the widespread form of bankruptcy in the U.S.

How long after a chapter 7 bankruptcy is closed can a person make big life changes such as sell their house or get married?

In chapter 7 bankruptcy, a person’s assets are determined on the date that the bankruptcy petition is filed, and is made up of all the things that the debtor owns that day. So a person getting married has no bearing on their chapter 7 bankruptcy, nor does the new spouse’s income have anything to do with the chapter 7 bankruptcy. If a person wants to sell their house and the bankruptcy is closed, they may do without needing permission from anyone. If the chapter 7 bankruptcy is still open then a person must receive the court’s permission to sell.

If a person files chapter 7 bankruptcy and filed an intention to reaffirm but did not sign a reaffirmation agreement can a lender sell a debtor’s asset and try to collect a deficiency?

If the debt was discharged since no reaffirmation agreement was signed, then the creditor can only collect what they get from the sale of the repossessed item and are unable to go after the debtor for the difference of price. If the bankruptcy is still open then the debtor is able to file an amended statement of intention, removing the asset in question from it.

Can a person file chapter 7 bankruptcy and chapter 13 at the same time?

It is not possible for a person to file both chapter 7 bankruptcy and chapter 13 bankruptcy at the same time. To qualify for either is dependent on a person’s dependents, income, assets, and expenses. However it is possible to qualify for both, a person must weigh both of the options and choose the one that is the best option for them and their situation.

Can filing chapter 7 bankruptcy effect a person receiving an inheritance?

According to bankruptcy law that from the time a person files bankruptcy to the time a person passes and gifts them something in their will must be at least 180 days. If this occurs before the 180 days a person may lose their inheritance if they accept it. They may need to renounce their claim on the contents of the estate or have it go into a trust which they have no access to, since their inheritance may be vulnerable for a minimum of 7 years after their chapter 7 bankruptcy has been discharged, depending upon the state in which they live.

Chapter 7 bankruptcy is a major decision to make and a major undertaking. A person needs to be aware of all the forms that need to be filled out and filed, what they want to keep through the bankruptcy, how to keep what they want through the bankruptcy. The best way to gain knowledge is to ask questions.
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