Chapter 7 Bankruptcy Attorney Seattle

Chapter 7 Eligibility

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Law Offices of Mark McClure
1200 Westlake Ave N #1006, Seattle, WA 98109
 
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Chapter 7 Eligibility

In order to qualify for chapter 7 of the Code of Bankruptcy, the debtor can be a partnership, individual, or a business entity, such as a corporation. Held to the test of means as discussed previously for individuals, chapter 7 relief is available under chapter 7 regardless of the debts of the debtor or whether or not the debtor is insolvent. Individuals can't file for chapter 7 or another chapter, though, if in the midst of the preceding 180 days there is a prior bankruptcy petition that was regarded as dismissed because of the debtor's inability to come to court or acquiesce with court orders, or the debtor dismissed the last case by their own will after creditors looked for relief from the court of bankruptcy to get back property from which their liens are held. Also, no person can be a debtor according to chapter 7 or any other chapter of the Code of Bankruptcy unless he/she, in 180 days before filing for chapter relief, has received counseling for credit from an approved counseling for credit agency in either a group or an individual briefing. There are, however, exceptions in situations of emergency or where trustee of the United States (or administrator of bankruptcy) has found that the agencies approved to give the required counseling are not sufficient. If a plan of the management of debt is created during the mandatory counseling of credit, it has to be filed with the courts.

The biggest reason to file for bankruptcy is to dispel many debts to let an individual, honest debtor start fresh. The debtor does not have liability for debts that are discharged. However, in the case of a chapter 7, a discharge is available only to debtors that are individuals, not to corporations or partnerships. Even though an individual case of chapter 7 results usually in the debt being discharged, there is no absolute right to a discharge, and some debt types are not discharged. Also, a property lien is not discharged from filing for bankruptcy.

Chapter 7 Background Chapter 7 Background
A Chapter 7 bankruptcy enables individuals to use assests to pay off your debt. Your home may be excempt
How Chapter 7 Works How a Chapter 7 Bankruptcy Works
A Chapter 7 is a liquidation of assets to pay debt. If you have no assets, then your debt is forgiven
Role of the Case Trustee Role of the Case Trustee
The role of a chapter 7 trustee is to liquidate nonexempt assets, or file a no asset report
Chapter 7 Discharge Chapter 7 Discharge
A discharge releases you from personal liability for most debts and prevents any collection actions


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1200 Westlake Ave N #1006, Seattle, WA 98109 ★ Phone: (206) 789-8751
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