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The Chapter 7 Bankruptcy Timeline

Bankruptcy is when Murrieta Bankruptcy Attorney you lawfully state that you can no longer repay your debts. People have the choice of either declaring chapter 7 or chapter 13 bankruptcies, depending on the extents of their debts and the earnings being made.



Your declaration officially starts when you sign the paperwork and file the proper files with a Murrieta Bankruptcy court. In most states, you have to finish a counseling course concerning Murrieta Bankruptcy so that you can be sure this is the proper choice for you.



Next, you must meet with your lenders in exactly what is called the 341 meeting. Creditors could or could not choose to attend, but you must exist. A trustee will be designated to your case and presides. This conference will typically just last 5 minutes, and lenders typically do not show up. Afterwards, your trustee will offer any of your possessions that are nonexempt. Creditors have up to 90 days to then submit claims. A Murrieta Bankruptcy lawyer will be appointed to assist you with this procedure.



After the 90 days are over, or after all of your lender have files their claims (whichever comes first), you will be released and all of your financial obligations will be crossed out, other than certain exceptions, like student loans and child support payments. Other financial obligations that can not be wiped clean from your slate consist of alimony commitments and taxes.



Be aware that most of your possessions can be sold when you file for Murrieta Bankruptcy and will be sold rather rapidly. In numerous cases, it is better to sell them yourself for even more cash before you proclaim bankruptcy and utilize them to assist pay off debts.





Bankruptcy is when you legally state that you can no longer repay your debts. Individuals have the option of either declaring chapter 7 or chapter 13 bankruptcies, depending on the seriousness of their financial obligations and the earnings being made. If you do proclaim chapter 7 bankruptcy, here is exactly how it will play out:.



In numerous cases, it is better to sell them yourself for even more cash prior to you state Murrieta Bankruptcy and use them to assist pay off debts.