Question 1

What is Chapter 7 bankruptcy?

Accepted Answer

Chapter 7 bankruptcy is a type of bankruptcy that allows individuals or businesses to discharge their eligible debts. It is often referred to as "liquidation" bankruptcy because the debtor's non-exempt assets may be sold to pay off creditors.

Question 2

What is Chapter 13 bankruptcy?

Accepted Answer

Chapter 13 bankruptcy is a type of bankruptcy that allows individuals with a regular income to create a repayment plan to pay off all or a portion of their debts over a 3-5 year period. This is often referred to as a "wage earner's plan" and can help individuals keep their assets, such as a home or car.

Question 3

Do I have to go to court if I file for bankruptcy?

Accepted Answer

Yes, you will need to attend a meeting of creditors, also known as a 341 meeting, where the bankruptcy trustee will ask you questions about your financial situation and bankruptcy filing. However, most people do not need to appear in court beyond this meeting.

Cascade Bankruptcy

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What is Chapter 7 bankruptcy?

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Do I have to go to court if I file for bankruptcy?

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