Once you have received the proper notification, all bankruptcy cases end any further efforts from debt collection agencies. Bankruptcies of all kinds allow individuals to consolidate their debts legally.
Chapter 7 bankruptcy Chapter 7 bankruptcy is one kind of bankruptcy. However, it does not allow those to repay their obligations and discharge debts by liquidating assets. From all bankruptcy methods, this is the most popular . It leaves people asking “Am I eligible for Chapter 7 bankruptcy?”
Only those with a specific qualification are able to apply for Chapter 7 bankruptcy cases. For example, they must have passed a income or means test. If your Chapter 7 case is approved and stayed in force for three months . It will conclude with either a discharge or approval. This debt will be dismissed when the case is approved. You don’t need to make payments. You will have to repay the debt if discharged. The debt collectors could resume collections. The process is assisted by a bankruptcy lawyer. saiuottzlr.