Personal Bankruptcy Chapter 7 Law Summary

Chapter 7 law summary of debtors obligations in personal bankruptcy

For the layman, Code requirements quickly become complex. The Code is fractured in it's approach to regulating Chapter 7 personal bankruptcy, due in large part to the piecemeal fashion in which Congress enacted various statutes. Do not expect the Code to set forth requirements for Chapter 7 in one section, but rather, you will find a compilation of requirements sprinkled throughout Title 11. Many lawyers and law firms that specialize in Chapter 7 bankruptcy cases spend their entire careers researching and organizing the impact of new amendments. We have attempted to summarize a few of the more important concepts here:

Be aware, subtleties within the law change frequently. Most conscientious lawyers "shepardize" each statutory requirement on a regular basis. This process entails a verification of new cases and onions which may alter current Code provisions. Just because you may find the current applicable section, the application of law may be quite different when compared to the common reading of it's terms.