Bankruptcy Abuse - What Constitutes Abuse?
Having a lot of unsecured debt might be one of the reasons that a debtor chooses to file for chapter 7 bankruptcy. The debtor can get discharged from all of his unsecured debts by filing for chapter 7 bankruptcy. Debt from credit cards, hospital bills, lawsuits, and other debt are terminated, leaving the debtor with a fresh start. However, this option is mostly available to those that don't have a lot of assets that can be distributed to the creditors. If the debtor has more than 15, 000 of equity in his house, or 30, 000 of equity in case of a married couple, then the house can be sold and the equity that exceeds the exempt amount, 15, 000 or 30, 000, gets distributed among creditors. ...
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