How long after filing bankruptcy is it discharged?

Consequences of filing bankruptcy

Your home and vehicle may qualify for an exemption. Review our articles “Can I Refinance My Home After Bankruptcy” and “If I File Bankruptcy I Lose My Car” for more information. You may also consider buying a home after bankruptcy and even buying a car after bankruptcy.

The reality is that most Chapter 7 bankruptcy filers never face any liquidation of assets. They will be able to enjoy a clean and quick exit by keeping their possessions. This would be a general process:

Note: The forms for your bankruptcy petition can be found on the website of the U.S. Courts. You can fill them out yourself but a slight mistake can scuttle your entire application.

Exemptions vary from state to state although there are also federal exemptions. These exemptions allow you to keep certain assets to avoid your poverty status after the discharge of debt.

There are alternatives to bankruptcy that can help you get a fresh start. Choosing the right method for you requires an analysis of your financial situation and the types of debt you face.

Types of bankruptcy in Argentina

Most people want simple, clear answers to some simple questions about bankruptcy. Sometimes the answer depends on your circumstances. Some attorneys however, ask a lot of questions before answering the client’s questions.

Because every case is different, it is dangerous to generalize without a factual basis. While not a substitute for a consultation with an experienced bankruptcy law attorney, here are some of the most frequently asked questions that have a straightforward answer.

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So, if you are thinking about bankruptcy, or even planning a filing, plan ahead and bring everything together. You will receive in return time and effort when your case is successfully concluded if you deliver everything together.

It may seem as if the office or trustee in your case is doing things to annoy you, but there is a reason for every question and document you are asked to bring. If you are having trouble locating a copy of something, I can work with you to find a way to get the information another way, but I can’t overlook it.

Bankruptcy Process in Argentina

If none of these options is possible, bankruptcy may be the most feasible alternative. There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7 bankruptcy. Both types of bankruptcy must be filed in federal bankruptcy court. The fees for filing bankruptcy are several hundred dollars. For more information on the applicable fees, visit www.uscourts.gov/bankruptcycourts/fees.html. Attorney fees are additional and can vary widely.

Both types of bankruptcy will allow you to get rid of unsecured debts and stop foreclosures, seizures or garnishments, forfeitures, subpoenas, utility shut-offs and debt collector activities. Both bankruptcies provide for exemptions that allow certain types of assets to be retained, the amounts of these exemptions can vary. Generally, personal bankruptcy does not allow for nonpayment of spousal or child support obligations, penalties, taxes, and certain student loan obligations. Also, under Chapter 13, a bankruptcy filing does not allow you to keep your property if your creditor has an unpaid mortgage or lien on it, unless you have a repayment plan in place.

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Types of bankruptcy

Article 1. The declaration of bankruptcy presupposes the state of insolvency of the debtor. The state of insolvency is manifested by one or more defaults or other external facts which, in the judge’s judgment, demonstrate the lack of patrimonial impotence to regularly comply with the debts when due, regardless of their nature.

Article 3. The declaration of bankruptcy may be requested by the debtor himself, by his heirs or by one or more of his creditors. Creditors with security interests or with privileges on specific things may request the bankruptcy of their debtor, if they prove summarily that the assets securing their credits do not cover the amount thereof, and if they state that they totally waive the privilege or guarantee.

Article 4. If a debtor dies in a state of insolvency, his heirs or creditors may request the declaration of his bankruptcy, provided that the request is filed within six months following the date of death.

The declaration of bankruptcy shall produce by right the benefit of the separation of patrimony in favor of the creditors of the deceased. The provisions of the bankruptcy shall apply only to the estate of the deceased of the succession.

How long after filing bankruptcy is it discharged?
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