How to file bankruptcy chapter 7

Hi,

You will get information on Chapter 7 from http://www.mortgagefit.com/bankruptcy/chapter7.html

Thanks,

Sara.

hi milena,

you should first get qualified through the means test which will determine if you are actually eligibile to file chapter 7 bankruptcy.

the sections, http://www.mortgagefit.com/bankruptcy.html and http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html will give a detailed knowledge on the process.

please feel free to clarify your doubts.

thanks,

caron.

I bought a mobile home about a year and a half ago. I live in Michigan where jobs are leaving at an alarming rate. My mobile home is currently 17 years old and by the time I get done paying for it it will be 26 years old and worth no where near the 65,000 I will end up paying if I tough it out. I want to walk away and move to another state. I don't know what to do. I need some serious advice and now.

Hi jlolatina!

Welcome to forums!

In my opinion, walking away from the property is not a good option. It would be better if you could sell off the property and move to another state. If you walk away from the property, the lender would foreclose it which would badly affect your credit score. Apart from this, you would be liable to pay off the deficient amount from the sale of the property.

Sussane

on filing for chapter 7 do you have to claim your cash on hand

hi

do you want to know if you'll have to list your cash in hand under chapter 7 bankruptcy? yes, you'll have to. under chapter 7 bankruptcy you'll be required to list all of your assests and debts.

I think it is better to claim everything one has in order to go for smooth transactions of the court proceedings.

So it is advisable to claim everything one has with one's disposal.

To qualify for relief under chapter 7 of the Bankruptcy , you may be an individual, a partnership, or a corporation or other business entity.

This will start with debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.
The debtor must also file with the court:
1) schedules of assets and liabilities.
(2) a schedule of current income and expenditures (3) a statement of financial affairs and
(4) a schedule of executory contracts and unexpired leases.

You have to paid money for that.So please take advoice from any expert person so you will not find any problem.

Thanks
Hari