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    ziferrx75's Avatar
    ziferrx75 Posts: 1, Reputation: 1
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    #1

    Mar 24, 2008, 02:49 PM
    I'm told I have a lawsutie filed against me
    What is chapter 7 bankruptcy and is it a good idea to file it
    this8384's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #2

    Mar 24, 2008, 04:16 PM
    The only time you should ever consider filing bankruptcy is when you absolutely cannot pay any of your bills off. That being said, you need to realize that filing for bankruptcy is going to completely destroy your credit. If you only have 1 lawsuit against you, then I really wouldn't consider bankruptcy to even be an option.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Mar 24, 2008, 04:57 PM
    Quote Originally Posted by ziferrx75
    what is chapter 7 bankruptcy and is it a good idea to file it


    "A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property."
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