Chapter 7 Bankruptcy In Albany – Richard Croak Says It’ll Be Bigger In 2012.
Chapter 7 questions- bankruptcy court-what is a chapter 7?
Richard Croak Is A Top Foreclosure, Home Loan Modification and BK Attorney For Albany, Dutchess, Renesselaer, Columbia, Greene, Ulster, Schoharie counties in New York.
Richard Croak - The bankruptcy code is divided into primarily odd chapters. Each chapter is for a different type of bankruptcy. Chapter 7 is a liquidation, so it applies to individuals, corporations, small cases – big cases. That is, whenever the debtor is going to give up and throw in the towel – and walk away from their debts. Any non-exempt assets, they file a chapter 7. Most cases today, are called a no-asset chapter 7′s. Individuals usually have enough exemptions to cover all their personal property: their car – their house. Chapter is 7 is for that individual who is burdened down by debut to go forward. It allows you a fresh start.
The problem with chapter 7 is that it doesn’t cure mortgage arrears. Individuals coming in with home mortgage problem or car loan problem, will probably have to file chapter 13 to restructure that debt. Chapter 13 – like chapter 11, chapter 12 (for farmers) and chapter 9 (for municipalities) allows you to restructure your secure debut and walk away from unsecure debt. I see a big year for chapter 7 filings in 2012.
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