{"id":2972,"date":"2012-07-05T01:22:37","date_gmt":"2012-07-05T01:22:37","guid":{"rendered":"https:\/\/nwdrlf.com\/?p=1118"},"modified":"2018-05-15T05:04:07","modified_gmt":"2018-05-15T05:04:07","slug":"what-need-know-chapter-7-bankruptcy","status":"publish","type":"post","link":"https:\/\/nwdrlf.com\/what-need-know-chapter-7-bankruptcy\/","title":{"rendered":"What you need to know about Chapter 7 Bankruptcy"},"content":{"rendered":"<p><a href=\"\/wp-content\/uploads\/2012\/07\/Bankrupt.jpg\"><img decoding=\"async\" class=\"alignnone size-medium wp-image-1139\" title=\"Bankrupt\" src=\"https:\/\/nwdrlf.com\/wp-content\/uploads\/2012\/07\/Bankrupt-300x214.jpg\" alt=\"\" width=\"300\" height=\"214\" srcset=\"https:\/\/nwdrlf.com\/wp-content\/uploads\/2012\/07\/Bankrupt-200x143.jpg 200w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2012\/07\/Bankrupt-300x214.jpg 300w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2012\/07\/Bankrupt-400x286.jpg 400w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2012\/07\/Bankrupt.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a title=\"Differences Between Chapter 7 and Chapter 13 Bankruptcy\" href=\"\/bankruptcy-info\/differences-between-chapter-7-and-chapter-13-bankruptcy\/\">Chapter 7 Bankruptcy<\/a> helps businesses or individuals that can no longer handle the scope of his\/her\/its debts. What follows is a series of legal processes designed to pursue practical solutions for both the debtor and any involved creditors. One of these is Chapter 7, the liquidation of any nonexempt property.<\/p>\n<p>After liquidation, assets are distributed to the appropriate creditors. Chapter 7 can provide a comprehensive plan for struggling individuals, but there are a few important points to know before pursuing this course of action.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Have_the_necessary_materials_prepared\"><\/span>Have the necessary materials prepared.<span class=\"ez-toc-section-end\"><\/span><\/h3><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-662da8d9df31d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662da8d9df31d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/nwdrlf.com\/what-need-know-chapter-7-bankruptcy\/#Have_the_necessary_materials_prepared\" title=\"Have the necessary materials prepared.\">Have the necessary materials prepared.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/nwdrlf.com\/what-need-know-chapter-7-bankruptcy\/#Know_the_exemptions_of_your_particular_state\" title=\"Know the exemptions of your particular state.\">Know the exemptions of your particular state.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/nwdrlf.com\/what-need-know-chapter-7-bankruptcy\/#Be_up-front\" title=\"Be up-front.\">Be up-front.<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>According to the U.S. government, those filing for Chapter 7 must have certain documents at the ready. These include:<\/p>\n<ul>\n<li>a list of creditors and details of claims<\/li>\n<li>a comprehensive summary of the source, amount and frequency of income<\/li>\n<li>a list of all the debtor\u2019s property<\/li>\n<li>a detailed list of monthly expenses (food, shelter, clothing, transportation, etc.)#<\/li>\n<\/ul>\n<p>Sound a little daunting? A bankruptcy <a title=\"Contact Tom\" href=\"\/contact\/\">attorney<\/a> can help review your files and make sure you have everything you need to proceed.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Know_the_exemptions_of_your_particular_state\"><\/span>Know the exemptions of your particular state.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The federal government has a package of exemptions to liquidation under Chapter 7. A debtor may choose to proceed under these circumstances, or may elect to abide by the exemptions of their state. An attorney can help you to outline the specifics and decide which option works best for you and your family.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Be_up-front\"><\/span>Be up-front.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Hiding things can only hurt you in the long run. It is vital to be open and honest with your trustee, and to release any financial records as promptly as possible after they are requested. Filing for Chapter 7 allows you to take advantage of an automatic stay, so use that time wisely to plan for future proceedings.<\/p>\n<p>Throughout Chapter 7 and beyond, having competent representation can help in immeasurable ways. Contact our attorneys today to see how we can help.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chapter 7 Bankruptcy helps businesses or individuals that can no longer handle the scope of his\/her\/its debts. What follows is a series of legal processes designed to pursue practical solutions for both the debtor and any involved creditors. One of these is Chapter 7, the liquidation of any nonexempt property. After liquidation, assets are distributed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[340],"tags":[],"_links":{"self":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/posts\/2972"}],"collection":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/comments?post=2972"}],"version-history":[{"count":0,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/posts\/2972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/media\/2813"}],"wp:attachment":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/media?parent=2972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/categories?post=2972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/tags?post=2972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}