Tax Help : What Happens When You File Chapter 7 Bankruptcy?

[MarkAllenChannel]

thanks

[babyjayoutlaw07]

so if you have no assets or property you cant file?

[BankruptcySpecialist]

I think this video serves as a great overview for bankruptcy and people thinking about bankruptcy as an option. If a person wishes to pursue bankruptcy or other types of debt relief then a consultation with a legal professional is necessary. I offer free consultations to individual consumer and small business. search me on google Riverside Bankruptcy Steven Chang

[BankruptcySpecialist]

I think this video serves as a great overview for bankruptcy and people thinking about bankruptcy as an option. If a person wishes to pursue bankruptcy or other types of debt relief then a consultation with a legal professional is necessary. I offer free consultations to individual consumer and small business. 

[BankruptcySpecialist]

testing

[bzurvalec]

Not to be critical here, but what you said at about 1:27 isn't NECESSARILY true. If, for example, the debtor opts to surrender the house and car on the Statement of Intention and ultimately gets a discharge, those debts will be discharged just like most others. The LIENS will survive the bankruptcy, but the debtor's liability for the debts will be discharged.

[gorgeouslinda]

I'm filing Chapter 7:(

[TimmyHaag]

What happens after you get Chapter 7 and apply for credit IE for a car loan ?

[NIZMOZ44]

After a year or so you will be able to get a car without a problem. Maybe slightly higher APR.

[plantlvr]

Yes it can wipe out cc debt. You do have to take a 'means' test and complete 2 separate credit counseling courses, but it will wipe out cc debt.

[legacykidz]

So ch 7 BK can discharge credit card debt? I thought that changed in 2005?

[xrossfader]

@legacykidz

No nothing changed as far as it's principle purpose. But yes it's harder to qualify for Chap7, before you'd just have to be breathing & claim hardship & boom no more debt. Now the rule of thumb is even if you have $100 per month to apply to any debt they're going to make you pay for it. Personally I think it's unconstitutional to make 7's so difficult to qualify for.