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Best Practices for Chapter 7 and Chapter 13 Practitioners June 2, 2020, Zoom Webinar PANELISTS: Michael Gouda, Law Office of Michael Gouda Christopher Langley, Law Offices of Langley & Chang Paul

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Who needs chapter 7 and chapter?

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Chapter 7 is usually needed by individuals or businesses who are looking for bankruptcy protection and want to liquidate their assets to pay off debts.

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On the other hand, chapter 13 bankruptcy is for individuals who have a regular income and want to develop a repayment plan to pay off their debts over time.

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The specific eligibility criteria and requirements can vary depending on the jurisdiction and legal system.

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What is chapter 7 and chapter?

Chapter 7 refers to the chapter of the Bankruptcy Code that provides for the liquidation of a debtor's assets to pay creditors. It is often referred to as 'straight bankruptcy.'

Who is required to file chapter 7 and chapter?

Individuals or entities unable to meet their debt obligations may file Chapter 7. Eligibility typically requires passing a means test to assess income levels.

How to fill out chapter 7 and chapter?

To file Chapter 7, one must complete a petition and schedules detailing assets, liabilities, income, and expenses, and submit them to the bankruptcy court.

What is the purpose of chapter 7 and chapter?

The purpose of Chapter 7 is to provide a fresh start for debtors by discharging most unsecured debts while liquidating non-exempt assets to pay creditors.

What information must be reported on chapter 7 and chapter?

Debtors must report detailed financial information, including income, expenses, debts, assets, and a list of creditors.

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