Chapter seven with the Bankruptcy Code provides for “liquidation” or discharge of certain debts to offer an truthful specific debtor a “fresh new start.” The individual debtor has no liability for discharged debts.
The result of this absence of information is tha
By filing for Chapter thirteen bankruptcy, they ended up capable to halt the foreclosure and remain inside their home. With their now-continual income, they can easily spend their home finance loan every month when also spreading the $25,000 back payment about a 5-calendar year period.
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As soon as a trustee data files the no-asset report, the situation is essentially on auto-pilot until the discharge is entered. Chapter seven circumstances
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