First in a series...
Bankruptcy can be a difficult decision. At Shankman & Associates, we are Maine Bankruptcy attorneys. We will guide you through your options, and help you to make a decision that helps you. Bankruptcy is an option.
1. What is Chapter 7 and how does it work?
Chapter 7 is that part (or Chapter) of the Bankruptcy Code that deals with liquidation. The Bankruptcy Code is that part of the federal laws that deal with bankruptcy. A person who files under Chapter 7 is called a Debtor. In a Chapter 7 case, the Debtor must turn his or her nonexempt property, if any exists, over to a Trustee, who then converts the property to cash and pays the Debtor's creditors. In return, the Debtor receives a Chapter 7 discharge, if he or she pays the filing fee, is eligible for such a discharge, and obeys the orders and rules of the Court.
2. What is a Chapter 7 discharge?
It is a Court Order releasing a Debtor from all of his or her dischargeable debts and ordering the creditors not to attempt to collect them from the Debtor. A debt that is discharged is one that the Debtor is released from and does not have to pay. Some debts, however, are not dischargeable under Chapter 7, and some persons are not eligible for a Chapter 7 discharge.... To find out more log onto www.shankmanlegal.com...Neil S. Shankman, Attorney, Lewiston, Maine
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