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Tax Help : What Happens When You File Chapter 7 Bankruptcy? Video

Chapter 7 bankruptcy is the most common form of bankruptcy that is filed for in the U.S., and its primary purpose is to give individual debtors a fresh start by discharging debts. Discover how individuals get to choose to keep certain exempt property under Chapter 7 with information from an independent CPA in this free video on Chapter 7 bankruptcy.

Expert: Miranda Chook
Bio: Miranda Chook is a CPA with expertise in international operations.
Filmmaker: Bing Hu

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Comments on "Tax Help : What Happens When You File Chapter 7 Bankruptcy?"

I think this video ...
I think this video serves as a great overview for bankruptcy and people thinking about bankruptcy as an option. If a person? wishes to pursue bankruptcy or other types of debt relief then a consultation with a legal professional is necessary. I offer free consultations to individual consumer and small business. search me on google Riverside Bankruptcy Steven Chang

I think this video ...
I think this video serves as a great overview for? bankruptcy and people thinking about bankruptcy as an option. If a person wishes to pursue bankruptcy or other types of debt relief then a consultation with a legal professional is necessary. I offer free consultations to individual consumer and small business.

testing?
testing?

Not to be critical ...
Not to be critical here, but what you said at about 1:27 isn't NECESSARILY true. If, for example, the debtor opts to surrender the house and car on? the Statement of Intention and ultimately gets a discharge, those debts will be discharged just like most others. The LIENS will survive the bankruptcy, but the debtor's liability for the debts will be discharged.

I'm? filing Chapter ...
I'm? filing Chapter 7:(

@legacykidz No ...
@legacykidz No nothing changed as far as it's principle purpose. But yes it's harder to qualify for Chap7, before you'd just have to be breathing & claim hardship & boom no more debt. Now the rule of thumb is even if you have $100 per month to apply to any debt they're? going to make you pay for it. Personally I think it's unconstitutional to make 7's so difficult to qualify for.

After a year or so ...
After a year or so you will be able? to get a car without a problem. Maybe slightly higher APR.

What happens after ...
What happens after you get Chapter 7 and apply for? credit IE for a car loan ?

Yes it can wipe out ...
Yes it can wipe out cc debt. You do have to take a 'means' test and complete 2 separate credit? counseling courses, but it will wipe out cc debt.

So ch 7 BK can ...
So ch 7 BK can discharge credit card debt? I? thought that changed in 2005?

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