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The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtors assets are measured and evaluated, and the assets may be used to repay a portion of the outstanding debt.
A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
A discharge releases a debtor from personal liability of certain debts known as dischargeable debts, and prevents the creditors owed those debts from taking any action against the debtor or the debtors property to collect the debts.
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 debtors nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.
A voluntary bankruptcy is the most common type of bankruptcy proceeding. It is initiated by a debtor who wishes to seek relief from their debt burden. Involuntary bankruptcies are very rare. They are initiated by creditors who want to receive payment for what they are owed from a debtor.

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While certain bankruptcies will be more complex than others, you and your bankruptcy lawyer will work through the stages until your debts are formally discharged. Step 1: Pre-Bankruptcy Counseling. Step 2: Filing the Bankruptcy Petition. Step 3: Automatic Stay. Step 4:Creditors Meeting. Step 5:Debtor Education Course.
A debt discharge occurs when a debtor qualifies through bankruptcy court. When debt is discharged, a lender can no longer make attempts to collect the debt and the debtor is no longer responsible for paying it back. Debt discharge often results in taxable income to the debtor unless certain IRS conditions are met.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.
If you are planning to file bankruptcy or have already done so, you may be wondering what will be considered an asset. An asset is anything of value that you own, including real estate, motor vehicles, bank accounts, investment accounts, furniture, jewelry, firearms, cash, books, stocks, pets and collectibles.
Official Form 101, called the Voluntary Petition for Individuals Filing Bankruptcy is the bankruptcy form that officially starts your case. Its the same whether youre filing Chapter 7 or Chapter 13 bankruptcy.

form 101 bankruptcy