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What Is A Chapter 7 Bankruptcy?

If you are deciding to file for bankruptcy in then you need to be aware of the bankruptcy laws. Every state handles bankruptcies differently although there are Federal Bankruptcy laws as well. The first thing you will want to do is hire a New Albany bankruptcy attorney that handles this form of debt relief within 

If you are deciding to file for bankruptcy in then you need to be aware of the bankruptcy laws. Every state handles bankruptcies differently although there are Federal Bankruptcy laws as well. The first thing you will want to do is hire a New Albany bankruptcy attorney that handles this form of debt relief within the state.

It is often confusing for an individual that is headed into bankruptcy to understand all of the legalities. They are concerned as to what is going to happen to their assets and what can the creditors do to them afterwards.

In a Chapter 7 bankruptcy in the basics are that a trustee is assigned to your case. You will need to supply him with all the information regarding your assets and liabilities. The trustee will give you an option to use either the Federal or bankruptcy exemptions to apply against your case. Your legal counsel will advise you on this.

Not all debts in a bankruptcy can be discharged. Items such as alimony, student loans and child support are some but not all of the debts that cannot be discharged. In some cases you will be allowed to keep some of your secured debt. For example, if you still owe money on your vehicle and it is a secured debt then you might be able to make an agreement with the creditor. If you do you will have to sign a reaffirmation agreement.

It is important that you understand the bankruptcy laws if this is the state you are filing for bankruptcy in.

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