www the law
Bankruptcy Law Chapter 7, which is also often called straight bankruptcy is basically a settlement. You are a debtor must hand over all property (with the exception of the exemption on) to the trustee, which the court ordered. Trustee then sold or changes that Property in cash, the return to your creditors.

You as a debtor to be discharged within a period of up to four months.

Why is Chapter 7 bankruptcy law so popular?

If you do not lose property, Chapter 7 bankruptcy will be a chance for a fresh start. Or so it was before the 2005 bankruptcy law changes.

Chapter 7 bankruptcy law is without doubt the most common type of bankruptcy in the U.S.. It is usually the document either by a person or business (Business in the file entry for Chapter 11), when its debt has become unbearable. You can file for themselves or the decision to be enforced by the court.

If you are a company, you will be forced to all of your assets, resources, the return from the sale of the creditor and close the transaction. Registration for individuals under Chapter 7 bankruptcy law, the process is similar with the only difference is that you do nothing to close.

Note that under the new bankruptcy law a kind of debt can no longer discharged.

What are the benefits of registration under Chapter 7 bankruptcy law?

1. Each volume can be completely erased, and if you are discharged, you are 100% free of debt.

2. There is also no minimum amount of debt required to file for them.

3. Creditors no longer a requirement for you. Your wages and property acquired after the discharge of your own, and nobody except you, is entitled to them.

4. It is very fast, you have a very good chance your claim to that in the next 4-6 months.

And the drawbacks?

1. You can lose all your property.

2. Not all debts can be.

3. Your home loan co-signed at the end of your loan to pay (unless they are looking for a comparable level of protection)

4. You can only file under Chapter 7 bankruptcy law, once every 6 years.

5. Your rating will be destroyed (but there are ways to improve it). In addition, you will find it much more difficult, a loan of any kind

6. If you are a young person, it becomes very difficult for them to buy and home, a family with Chapter 7 of the neck, and if you already are married, you should know that very often accompanies divorce, bankruptcy.

7. Their demand for withdrawal of Chapter 7 is extremely difficult if not impossible.

So you have, make sure you have a good bankruptcy lawyer and consult with her / him whether you should or should not file under Chapter 7 bankruptcy law

Discover all about the different types of bankruptcy, find out which type you use and what to avoid. Visit us at: http://www.debt-free-family.com and little know tips and tricks bankruptcy attorneys do not want you to find out.