DO: Be honest about all of your assets. Even if you think there is a chance that you might lose it, there are probably other ways in which your attorney can prevent that or you may need to come to terms with that possibility. If you don’t list it and the court finds out, it will be taken or the case will be dismissed for fraudulent activity.
A Chapter 7 bankruptcy comes from the 7th chapter of the bankruptcy code. It is also known as the “liquidation” bankruptcy because the Trustee has to liquidate, or sell, all nonexempt property in order to repay your creditors. The majority of individuals who file for Chapter 7 get the keep their property, however there are some states that are more charitable than others.
If your debts are getting out of your control but your income is still more than the median of the state and you have been living in the same state for the past two years, you can still file for bankruptcy. A Chapter 13 bankruptcy was put in place for those who still have some “disposable” income after paying all their expenses and/or for those who’d like to keep the property that they would otherwise lose if they filed for Chapter 7.
From a young age people are persuaded by means of seductive language and/or highly skilled advertising techniques to purchase products and services deemed essential for their lives, even if those products or services are out of their financial reach. Many of our leaders have told us that it is our patriotic duty to spend, and you need look no further than former President George W.