The entire procedure is typically completed in the period of six months. The court can appoint a representative who will determine the value of the assets owned and, in general, oversee the process. The court will simultaneously protect the party who filed by not allowing anyone to gain possession of the property or demand the payment.
The party filing the petition could have to surrender certain valuable possessions in exchange for security. The court will dismiss all other outstanding debts. However, some financial responsibilities such as alimony or child support obligations, need to be paid. Chapter 7 differs from Chapter 13, which allows the repayment of the debt over a period of time.
You may have asked yourself”Am I eligible to file to file for Chapter 7 bankruptcy?’ You can find the answer from a bankruptcy lawyer. If you are concerned about the expense of Chapter 7 bankruptcy attorneys should look into a credit counseling services. rj5ydtj7rb.