Business and Management

Can I File Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a nightmare. There are no questions about that. There are many scenarios where chapter 7 bankruptcies might be a way forward in your particular case.

Maybe your local lawyer has given you an option or you have examined chapter 7 bankruptcies on the internet. Here are some truths at home about chapter 7 in my personal experience. You can also get detail about chapter 7 bankruptcy in Michigan via:

Can I submit chapter 7 bankruptcy?

You must live or have a residence, business place or property in the US or municipality.

You cannot be given a termination of Chapter 7 in the last 6 years or complete a plan for Chapter 13.

You cannot have a bankruptcy filing terminated for the last 180 days.

You must pass aseveraltests to meet the requirements.

BItis unfair to passistdebtors based on Chapter 7.

How it works

You must go to court to prove that you are eligible for bankruptcy article 7 and the judge will examine each case on a "case by case" basis to determine whether you are eligible.

After the judge gives you chapter 7, you are then assigned the state or the court orders a "guard or guardian" to safeguard your finances. This person will have control over your salary and pay off your debt.