chapter 7 will require repayment?” and “am I qualified to make chapter 7?” Chapter 7 bankruptcy is a type of bankruptcy where a person is able to submit petition, with the aid of a bankruptcy attorney to get rid of a range of unsecure debts they might have taken out but are not able to repay. Chapter 7 bankruptcy differs in comparison to chapter 13 bankruptcy where the creditor repayment program is typically made. Instead of that, bankruptcy petitions involve the selling of assets that are not exempt along with the proceeds to creditors.

You will have to prove that your income is low in order to be eligible to file bankruptcy under chapter 7 bankruptcy. The judge will look at the amount of income you earn if lots. If the remainder of your income isn’t enough for you to make your payments to your creditors then you can make a chapter 7 bankruptcy application. Even though you have the option of amending chapter 7 following discharge however, it is much more difficult than it was when you started.

It’s essential to find out which form of bankruptcy is best for your needs and the consequences after bankruptcy chapter 7. It is not an easy process and therefore, it is recommended that you consult an attorney who is specialized on bankruptcy law.

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