Filing for Chapter 7 bankruptcy can wipe the debt slate clean, but there are tradeoffs to know before you file.

Chapter 7, known as “straight” or “liquidation” bankruptcy, of Title 11 in the U.S. bankruptcy code controls the process of asset liquidation.

The Chapter 7 bankruptcy process only starts after you complete a credit counseling course from an approved agency. “The course can be taken online, over the phone, or in person,” Tayne said. 2.

The Basics Of The Chapter 7 Process. A Chapter 7 bankruptcy begins when you (or your bankruptcy lawyer) files a petition with the Bankruptcy Court. When creditors are notified of the petition, ...

Here's how Chapter 7 and Chapter 13 bankruptcy differ. Choosing to file for bankruptcy is a big decision, but it’s the first of many that filers will encounter as they go through the process.

There are two main types of business bankruptcies in the U.S.: Chapter 7, or “liquidation bankruptcy,” and Chapter 11, or “rehabilitation bankruptcy.” ...

The process to file Chapter 13 is similar to Chapter 7, except for an additional step. Chapter 13 requires a repayment plan. As a result, you work with your bankruptcy attorney to create a plan to ...

Filing Chapter 7 can offer relief, but it also comes with serious limitations you need to know about first. ... Filing comes with strict limitations, both during and after the process.

Patrick Kulp stood in line for about an hour at the U.S. Bankruptcy Court in Oakland Thursday, waiting to file the paperwork that will start the Chapter 7 process of wiping out about $23,000 in ...