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Chapter 7 Bankruptcy

When you file a chapter 7 bankruptcy your 341 hearing is set and you attend with your attorney about 30 days later. Usually, you are filing a chapter 7 bankruptcy to discharge debt because you cannot afford to repay it. You still….I repeat…..you still have to pay for debts when a creditor has a lien on something you want to keep. These are called secured debts and the creditors have liens on your property, or collateral. Prime examples of these types of debts are your home mortgages or deeds of trust and your car loans. If you want to keep these items you have to pay for them. And you have to be current on the payments at the time you file bankruptcy or the bank may take the car or foreclose on the house.

Generally, you file your chapter 7 bankruptcy, go to the hearing and the bankruptcy trustee asks questions.

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  • Can I go to Jail for not Paying my Bills?

    No, not unless you committed a crime in the creation of the debt (for example, fraud). Simply borrowing money and not being able to pay it back is not a crime. Many creditors representatives will tell you lies on the telephone and say that they will have you put in jail. Perhaps they are too ignorant to know they are wrong or that it is illegal for them even to say that. See More Bankruptcy Q&A