What are the Chapter 7 Bankruptcy Rules?
Chapter 7 bankruptcy, also known as straight bankruptcy, is a form of relief available to individuals and businesses seeking debt relief. This option may be beneficial for those who are unable to make payments and need an avenue to obtain financial freedom. Understanding the rules and regulations of Chapter 7 bankruptcy is important in order to ensure that you are properly filing your petition and following all necessary steps.
The most basic rule of Chapter 7 bankruptcy states that all non-exempt assets must be surrendered so that creditors can receive payment. Depending on where you live, certain assets may be exempt from being liquidated by the debtor, including retirement accounts or a homestead exemption. Additionally, filing fees must be paid in order to complete the process; these fees vary depending on your individual situation but typically cost between $335 - $500 dollars (or more).
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