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Summarized Arcticle on New Bankruptcy Law

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    #1

    Summarized Arcticle on New Bankruptcy Law

    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
    Tags: None
    #2
    That is really cool infomation, to sum the Bk process up !

    Good Work, Catchmeifyoucan !
    July 2006: Filed Ch13 :blink:
    Oct 2006: Converted to Ch7 :clapping:
    Jan 2007: DISCHARGED :clapping:
    Nov 2007: CLOSED :yahoo::yahoo::yahoo:

    Comment

      #3
      Yes, is good info, but for item #1, with regards to the means test and section 707(b), this post makes no reference to the wording in the current bk code regarding "Primarily consumer debts". If >50% of the debts are non-consumer (i.e. business/investment), then the general interpretation has been that the debtor can still file a chapter 7. This is what I did, and I know there are others that are going through the same thing I did.

      I am sure we will see other new members ask about this, as there are thousands of people who got caught up in the real estate boom, took loans out to buy and flip property and are now royally screwed since the market has fallen apart.
      Filed Business Chapter 7: 7/11/07
      341 Meeting: 8/8/07 Asset Case
      US Trustee reviewed case/resolved 9/14/07
      Discharged: 10/11/07 Closed: 11/2/08

      Comment

        #4
        .

        Comment

          #5
          Thanks for the information.

          Comment

            #6
            Hello and Goodbye Mark.
            These spam guys always show up in the wee hours.

            Keep On Smilin'

            Comment

              #7
              Bankruptcy is one way of dealing with debts you can’t pay. Your assets can be used to pay your creditors (people you owe money to). You are subject to certain restrictions and discharged (freed) from your debts after a period of time. the information provided in the thread is really very good. It can be very useful to all those who are having any such case. Great work with this because it is hard to find out information regarding Bankruptcy Law.

              Comment

                #8
                hi,
                Thank you for sharing this useful information with us. This information is very useful because by this information we know more and in detail about bank discrupcy law and it is very important and useful for me because i am awaiting this type of information from a very long time.

                Comment

                  #9
                  Greetings sanddyy. Welcome to the forum. However you need to familiarize yourself with our rules--one of which is not to tag on to the end of an old thread. The reason is that every year there are subtle nuances and changes to the BK Laws, and we wish not to provide bad or outdated information. Therefore I am closing this thread. Here is a link to the Forum rules:

                  Forums - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
                  http://www.bkforum.com/announcement.php?f=3
                  vBulletin Forums
                  "To go bravely forward is to invite a miracle."

                  "Worry is the darkroom where negatives are formed."

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