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In Chapter 7, the debtor's estate is liquidated underneath the rules on the Bankruptcy Code. Liquidation is the process by which the debtor's non-exempt property is offered for dollars by a trustee as well as hard cash is dispersed to creditors.The trustee or debtor-in-possession ought to get hold of an EIN for your bankruptcy estate. The trustee o

To determine the quantity or legality of a tax, great, penalty, or addition to tax that was contested prior to and adjudicated by a court docket or administrative tribunal of competent jurisdiction prior to the day of your bankruptcy petition filing; orAdministrative costs in the bankruptcy estate attributable to conducting a trade or company or wi

Watch out for attorneys that may set you into repayment strategies (Chapter thirteen) once you qualify to reduce your financial debt wholly within a Chapter seven bankruptcy. When in doubt give us a phone. We would be pleased to talk to you without spending a dime.Mr. Moreton understands that there's no substitution for hard work and preparation I

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