An Overview Of Chapter 7 Bankruptcy Chapter 7 bankruptcy is sometimes called "straight" bankruptcy. This bankruptcy cancels most of your debts; in exchange, you might have to surrender some of your property. The whole Chapter 7 bankruptcy process usually takes three to six months, costs about $175 in filing fees, and commonly requires only one trip to the courthouse. To file for bankruptcy, you fill out a two-page petition and several other forms. Then you file the petition forms with the bankruptcy court in your area. Basically, the forms ask you to describe: Your property. You’re current income and its sources. Your current monthly living expenses. Your debts. Property you claim the law allows you to keep through the bankruptcy process (exempt property). Property you owned and money you spent during the previo....

Number Of Pages: 3

Number Of Words: 815

Got a term paper due soon and need some help quick? You have come to the right place. Essay Galaxy has over 50,000 essays, papers, and reports available for download right now! Get ideas from thousands students just like you to help make that essay perfect. Don't hesitate. Join today and get instant access to our enormous database.

Membership Options Price Savings   1 month subscription    $19.95 recurring * 3 months subscription    $39.95 recurring $19.90 6 months subscription    $69.95 non-recurring $49.75