Things to Know About Chapter 7 Bankruptcy
In facing bankruptcy, factual information is the most important. Chapter 7 bankruptcy is also called the “straight bankruptcy” because it can almost discharge you from all the debts that you are dealing with. Secured debts on the other hand should be repaid. These debts are child support, student loans, tax debt or debt created by fraud. Also, to be able to pay the secured debt, liquidation of assets is required. You don’t have to worry about liquidation of all assets because there are exempt properties that you can keep. These exempt assets can be a residence or real property, professional tools or social security benefits. The exempt properties vary from place to place so be sure to check your state law. After the process, the bankruptcy stays with your record up to 10 years, in this span of time; you cannot file for any other bankruptcy. Though you know the facts already, it is still best to ask for consultation from a specialist in the subject matter.
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