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An Overview Of Chapter 7 Bankruptcy
Beginning of essay
Chapter 7 bankruptcy is sometimes called "straight" bankruptcy. This bankruptcy cancels most of your debts; in exchange, you might have to surrender some of your property.
The whole Chapter 7 bankruptcy process usually takes three to six months, costs about $175 in filing fees, and commonly requir ....
Middle of essay
....ugh a court-appointed person called a "bankruptcy trustee." The trustee is mostly interested in what you own and what property you claim as exempt. This is because the trustee's primary duty is to see that your creditors are paid as much as possible on what you owe them. And the more assets the trustee recovers for the creditors, the more the trustee is paid.
The trustee goes through the papers you file and asks you questions at a short hearing, called the "creditors' meeting," which you must a.... |
| Number of words: 806 |
Approximate pages: 3 |
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