Chapter Liquidation (Video)

chapter 7 bankruptcyArizona Bankruptcy Lawyer Homework Weblog by Joseph C. McDaniel. Among different things, the disclosures should advise the debtor of the quantity of the debt being reaffirmed and how it’s calculated and that reaffirmation means that the debtor’s private legal responsibility for that debt will not be discharged in the chapter. This has led some commentators to seek advice from the chapter code’s present monthly income” as presumed earnings.” If the debtor’s debt isn’t primarily consumer debt, then the means take a look at is inapplicable.

Discover methods for affording a lawyer or discovering pro bono (no-cost) illustration. A chapter 7 chapter case does not contain the submitting of a plan of repayment as in chapter 13. Instead, the chapter trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such belongings to pay holders of claims (collectors) in accordance with the provisions of the Chapter Code.

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