G. Paul Marx, A Professional Law Corporation
Chapter 7 Liquidation
When most people think of BANKRUPTCY, they are thinking of the old-fashioned "LIQUIDATION", where you give up all your property and the TRUSTEE sells it, making payments to the CREDITORS of whatever he receives. This is CHAPTER 7 under current law. The fact is, there are a lot of exceptions to what the TRUSTEE can take from you in a Chapter 7, so even Chapter 7 is different under current law.
Because the law is made to HELP YOU, there is no penalty in filing for protection from creditors. The only property you lose is property that would be worth money if sold, so the Trustee can pay the creditors. Basically, things the Trustee cannot dispose of for money will not be bothered with.
Chapter 7 is the basic bankruptcy, in which the Debtor simply starts over without making payments to creditors. Whatever is not exempt is taken by the Trustee, sold, and the debtor gets a DISCHARGE wiping out all the bills.
You are not required to explain why you can't pay your bills or debts. Only if you try to hide assets or otherwise break the rules will your motives be questioned. If you are honest, Bankruptcy may be the means to straightening out your finances and getting a fresh start.
G. Paul Marx, A Professional Law Corporation, 850 Kaliste Saloom Road, Suite 107, Lafayette, La. 70508
337 237 2537
NEW LAW- OCTOBER 17, 2005 BANKRUPTCY REFORM ACT
Chapter 7 Topics: THE DEAL THE TRUSTEE EXEMPT PROPERTY
MORTGAGES, SECURED CREDITORS TRUSTEE ACTIONS
THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.