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

Chapter 7 bankruptcy is the most common form of bankruptcy that is filed for in the U.S., and its primary purpose is to give individual debtors a fresh start by discharging debts. Discover how individuals get to choose to keep certain exempt property under Chapter 7 with information from an independent CPA in this free video on Chapter 7 bankruptcy.

Expert: Miranda Chook
Bio: Miranda Chook is a CPA with expertise in international operations.
Filmmaker: Bing Hu

Category:

Howto & Style

Tags:

• taxes
• tax
• help
• returns
• IRS
• income
• federal
• property
• filing
• tips
• personal
• finances
• forms

[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:(

[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.

[NIZMOZ44]

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

[TimmyHaag]

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