The Chapter seven process is underway when you get an “computerized stay” through the bankruptcy court docket. This stops creditors from pursuing the debts you owe them.
The bankruptcy final result also will depend on the kind of bankruptcy: Chapter 7, Chapter 11, or Chapter
The draw back? A filer with a large estate could get rid of house in Chapter 7—including the real business if It really is a business with useful property as well as the trustee was able to find a willing consumer.
Take our bankruptcy quiz to determine prospective troubles and fin
One thing to not do: Don't use the tax refund to acquire a luxurious product before filing. The Bankruptcy Courtroom won't glimpse kindly on that spending. If you file your tax return early along with a refund comes right before filing, use it to pay down financial debt or to pay n