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SpinDistribute.com Article Directory

The following article was published in our article directory on February 23, 2012.
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Chapter 7 Bankruptcy: Background and Eligibility

Article Category: Advice

Author Name: John Johnson

Chapter 7 Bankruptcy Background

A chapter 7 bankruptcy claim does not include the filing of a plan of payment as in chapter 13. Rather, the bankruptcy trustee gathers and puts on the market the debtor's nonexempt assets and makes use of the earnings of such assets to pay possessors of claims (creditors) in accordance with the regulations of the Bankruptcy Code. Part of the debtor's property might be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code definitely will enable the debtor to keep particular "exempt" property; but a trustee will liquidate the debtor's remaining assets. Consequently, potential debtors should understand that the filing of a petition under chapter 7 may result in the loss of property.

Chapter 7 Bankruptcy Eligibility

To be eligible for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity.

Subject to the means test explained above for individual debtors, protection is accessible under chapter 7 regardless of the value of the debtor's personal debts or even if the debtor is solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, having said that, if during the predating 180 days a previous bankruptcy petition was rejected due to the debtor's intentional failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after lenders sought relief from the bankruptcy court to get back property upon which they hold liens.

In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, inside of 180 days in advance of filing, obtained credit counseling from an accepted credit counseling group either in an individual or group briefing.

There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has certainly found that there are insufficient approved credit counseling agencies to deliver the required counseling. If a debt management plan is prepared due to the required credit counseling, it must absolutely be deposited with the court.

One of the foremost intents of bankruptcy is to discharge specific debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, having said that, a discharge is only accessible to individual debtors, not to partnerships or corporations.

Although an individual chapter 7 case usually results in an elimination of debts, the right to a discharge is not absolute, and some types of debts are not eliminated. What's more, a bankruptcy discharge does not exterminate a lien on property.

Keywords: credit,debt,money,bankruptcy,finance

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