Quote:
|
Originally Posted by rickholio
I seem to recall hearing something about increased difficulty getting qualified under certain chapters, that some were more protective than others for private citizens and those were being pinched off/made more onerous to prove eligibility... I've long since lost that reference. What do you make of it?
|
It is chapter 7 that is being cut off. That is where.
1. Your attorney files the paperwork
2. You go to a short meeting
3. You get something in the mail a few weeks later that says you?re discharged
You don?t have to make any payments with this system. If you do have too many assets the court liquidates them and sells them to pay the creditors. 90% of people filing chapter 7 case have their cased deemed a ?No Asset Case? when they go to that short meeting I described in #2. This means there are no assets for the trustee to give to the creditors, and the case for all practical purposes is over. So it is a much better system for the debtor. The other chapters are mainly for business, and there is a special chapter for family farmers.