Bankruptcy Evaluation

Bankruptcy is a major decision and you just cannot simply decide on bankruptcy out of the blues. There are many things which are to be kept in mind prior to filing for bankruptcy, if the same is not done then it might only lead to worsening the situation. Different reliefs are specified in different chapters of Bankruptcy. Assets and liabilities are handled in a different manner in each chapter of bankruptcy and it is necessary that you be aware of such things.  It is at this stage that evaluation becomes a necessity.

HOW Bankruptcy Evaluation helps

Bankruptcy evaluation helps you out in deciding as to which is the most appropriate chapter for you to file for bankruptcy. In bankruptcy evaluation, basic evaluation is done with regard to your assets, debts, kinds of loans / debts, income, repayment capacity etc. By way of this evaluation one can determine as to which chapter of Bankruptcy is the most appropriate for you.

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What is the difference between Chapter 7 and Chapter 13 Bankruptcy

The main difference between Chapter 7 and Chapter 13 is that Chapter 7 deals with liquidation of assets excluding exempt assets. Whereas under Chapter 13 the debtor need not surrender any of his properties to the trustee but can make payments to the trustee and he will make the payment to the creditor according to the re-payment plan.
The other difference is under Chapter 7, the debtor will have no possession of his properties whereas under Chapter 13, the debtor will be in possession of his properties.
The other difference is under Chapter 7, there will be a complete wipe-out of debts whereas under Chapter 13 there will be no complete wipe-out.

Does the Bankruptcy law differ from state to state

Bankruptcy law differs from state to state as the bankruptcy is regulated by both federal and state bankruptcy law. While the federal law deals with the main aspects, state law pertains to more specific aspects of financial and marital situations. The bankruptcy law differs from state to state.

Can the automatic stay be lifted? If so, under what circumstances

Yes, the stay can be lifted and under the following circumstances:-

  1. The judge shall lift the stay at the request of the creditor;
  2. Debtor discharges the bankruptcy;
  3. The item of the property is no longer estate of the property;
  4. The bankruptcy case is dismissed.

Who is a trustee

Trustee is a person who holds or manages the assets for the benefit of another.

What is meant by exempt and non-exempt property

As per Chapter 7, the debtor has to surrender certain property to the trustee so that he can sell that property and use the proceeds to pay-off the debts. The properties which a debtor has to give up is called non-exempt property namely cash, bank accounts, stocks, bonds etc.

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