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An Overview Of Chapter 7 Bankruptcy
Part 1 of Paper
....ur debts; in exchange, you might have to surrender some of your property.
The whole Chapter 7 bankruptcy process usually takes three to six months, costs about $175 in filing fees, and commonly requires only one trip to the courthouse.
To file for bankruptcy, you fill out a two-page petition and several other forms. Th.... Part 2 of Paper
.... are in the hands of the bankruptcy court. It assumes legal control of the property you own, except your exempt property, which is yours to keep) and the debts you owe as of the date you file. Nothing can be sold or paid without the court's consent. You have control, however, with a few exceptions, of property and income you acquire after you file for bankruptcy.
The court exercises its control through a court-appointed person called a "bankruptcy trustee." The trustee is mostly interested in wh.... |
| Number of words: 806 - Approximate pages: 3 |
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