Congress created a new bankruptcy law in 2004. The major impact of this new bankruptcy law created qualifications for Chapter 7 filers. A Chapter 7 bankruptcy filing discharges all of the debtor's debts and allows for a fresh start. To be eligible for Chapter 7 under the new bankruptcy law a maximum debt level and maximum asset level must not be exceeded by the debtor.
Free Consultations: Important for Bankruptcy Cases
If you are looking to hire a bankruptcy attorney then you have likely seen multiple ads that all claim to provide prospective clients with free legal consultations. However, the word consultation means different things to different attorneys and it is, therefore, important to understand what your free bankruptcy consultation will be before you agree to it. Why is a Free Bankruptcy …
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Will Filing for Bankruptcy Get Rid of All My Debts?
Many people think that if they simply file Chapter 7 bankruptcy, then they will get rid of all of their debts. Unfortunately, this is not the case. There are some types of debts that cannot be discharged in bankruptcy by law. This means that even if you complete bankruptcy proceedings, you still have to pay back these debts. These debts include child support, alimony, …
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