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CHAPTER 7 BANKRUPTCY
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A Chapter 7 Bankruptcy Overview

Chapter 7 bankruptcy is sometimes called "liquidation" bankruptcy -- it cancels your debts, but you might have to let the bankruptcy court liquidate (sell) some of your property for the benefit of your creditors. The whole Chapter 7 bankruptcy process takes about four to six months, costs $299 in filing and administrative fees, and commonly requires only one trip to the courthouse.

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Chapter 7 Bankruptcy

  1. Analyze your debt.
  2. Determine your property exemptions.
  3. Make sure you are eligible.
  4. Redeem or reaffirm secured debts.
  5. Fill out the bankruptcy forms.
  6. File the forms.
  7. Go to a meeting.
  8. File objections or motions if needed.
  9. Wind up your secured debts.
  10. Get your discharge.

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How long do we have to sell our house before foreclosure?

We're a month late on our mortgage and my husband, who's self-employed, just had surgery and can't work for several months. We feel like our house is just more than we can afford -- we probably should never have bought it. We'd like to sell now rather than hanging on and risking foreclosure. How much time do we have in which to sell?

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