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What is bankruptcy? What happens in a bankruptcy case? Bankruptcy is a legal process that provides relief for individuals who can no longer pay all of their debts. If you are considering bankruptcy, this video will give you basic information about the process, the relief it offers, and how to find the legal help you may need.
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A brief review of the three main types of bankruptcy cases for individuals – chapters 7, 11, and 13. The most common types of bankruptcy are chapter 7, which are liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.
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Certain types of debt, such as child support, alimony, and most student loans, cannot be discharged in bankruptcy. Wrongful conduct may make some debts non-dischargeable. Examples of such conduct are incurring credit card charges without the intent or ability to repay, or obtaining loans using false financial information.
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How does someone file a bankruptcy case? In order to file for bankruptcy, an individual must take a credit counseling course – to learn about alternatives to bankruptcy – as well as accurately complete and file a number of documents.
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Every debtor is required to appear at a creditors' meeting conducted by a trustee who asks the debtor questions about the debtor's financial condition and gives creditors the opportunity to do the same.
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A debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a bankruptcy crime.
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In some cases, a debtor may be required to appear at hearings before a bankruptcy judge.
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Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.
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When does someone need a lawyer for a bankruptcy case? Individuals have a right to represent themselves in court, but bankruptcy is a complex area that involves many considerations – including whether to file, what chapter to file under, and what exemptions to claim. It is important to understand all of the protections of the bankruptcy code in order to make full use of them.
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La quiebra es un proceso legal que brinda alivio a muchos individuos quienes ya no pueden pagar todas sus deudas.
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Hay tres tipos principales de casos de quiebra para individuos y los dos más comunes son el del Capítulo 7 y el del Capítulo 13.
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Algunas deudas no pueden ser anuladas en un proceso de quiebra.
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Para radicar un proceso de quiebra, se debe participar en una sesión de asesoramiento crediticio y llenar y presentar correctamente una serie de documentos.
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Todo deudor tendrá que acudir a una reunión de acreedores bajo la dirección de un fiduciario quien le hará preguntas sobre su situación económica y le dará la oportunidad a los acreedores de hacer lo mismo.
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Un deudor tiene que ser honesto y exacto en su trato con el tribunal o podría tener consecuencias graves incluyendo procesamiento penal por el delito de fraude en el proceso de quiebra.
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En algunos casos, el deudor tendrá que comparecer en audiencias ante un juez de quiebra.
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Por lo general, los deudores logran anular la mayoría o la totalidad de sus deudas. Al anularse la deuda, los acreedores no pueden intentar cobrar la deuda de los deudores.
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Se exhorta a los deudores que busquen el asesoramiento legal de un abogado. Aún cuando no puedan pagar por un abogado, es posible que encuentren servicios legales gratuitos o con. descuentos.
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