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    • February 10, 2008 at 6:58 PM #11780
      gracie
      Participant

      A family we know moved to a lovely, expensive new home last year…..now we hear they are filing chapter 7 bankruptcy. I am not familiar with what that is?

    • February 10, 2008 at 7:04 PM #151155
      JerseyGrl
      Participant

      Toots

      google it: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html#work

      • February 10, 2008 at 10:13 PM #151290
        lindymadill
        Participant

        It means they are facing financial hardship. They are filing to try and wipe out some of their debts. Filing bankruptcy also begins the automatic “stay”. This means creditors have to leave them alone for a specified period of time. It is now difficult to qualify for chapter 7. They may be able to keep their home and car if they continue to make payments on them.

      • February 10, 2008 at 10:13 PM #151552
        lindymadill
        Participant

        It means they are facing financial hardship. They are filing to try and wipe out some of their debts. Filing bankruptcy also begins the automatic “stay”. This means creditors have to leave them alone for a specified period of time. It is now difficult to qualify for chapter 7. They may be able to keep their home and car if they continue to make payments on them.

      • February 10, 2008 at 10:13 PM #151560
        lindymadill
        Participant

        It means they are facing financial hardship. They are filing to try and wipe out some of their debts. Filing bankruptcy also begins the automatic “stay”. This means creditors have to leave them alone for a specified period of time. It is now difficult to qualify for chapter 7. They may be able to keep their home and car if they continue to make payments on them.

      • February 10, 2008 at 10:13 PM #151576
        lindymadill
        Participant

        It means they are facing financial hardship. They are filing to try and wipe out some of their debts. Filing bankruptcy also begins the automatic “stay”. This means creditors have to leave them alone for a specified period of time. It is now difficult to qualify for chapter 7. They may be able to keep their home and car if they continue to make payments on them.

      • February 10, 2008 at 10:13 PM #151650
        lindymadill
        Participant

        It means they are facing financial hardship. They are filing to try and wipe out some of their debts. Filing bankruptcy also begins the automatic “stay”. This means creditors have to leave them alone for a specified period of time. It is now difficult to qualify for chapter 7. They may be able to keep their home and car if they continue to make payments on them.

    • February 10, 2008 at 7:04 PM #151417
      JerseyGrl
      Participant

      Toots

      google it: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html#work

    • February 10, 2008 at 7:04 PM #151425
      JerseyGrl
      Participant

      Toots

      google it: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html#work

    • February 10, 2008 at 7:04 PM #151442
      JerseyGrl
      Participant

      Toots

      google it: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html#work

    • February 10, 2008 at 7:04 PM #151515
      JerseyGrl
      Participant

      Toots

      google it: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html#work

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