amount of equity you have on your asset. Through Chapter 7, you may have the chance of keeping your house.

 

7. You can have your salary all by yourself.

 

In contrast with the Chapter 13 proceeding wherein most of your present income goes to the trustee for distribution to all of your creditors, Chapter 7 lets you solely enjoy the wages that your earn and the property that you acquire. They are not included in the liquidation process. The trustee will only liquidate those that qualify as non-exempt, no more, no less.

 

8. Relief is available to individuals and even corporations or partnerships.

 

Individuals, corporations, or partnerships may qualify for relief under Chapter 7. Notwithstanding the amount of debt or whether the debtor is fully bankrupt or have the means of income.

 

9. You get to keep your business.

 

If the debtor is a partnership or a corporation, the owner gets to keep the business even if a Chapter 7 bankruptcy was filed. The trustee has no interest in any of your business and only acquires your available non-exempt assets.

 

10. Conversion is allowed.

 

Section 706 provisions state that the debtor may "convert a case under Chapter 7 to a case under Chapter 11, 12, or 13 at any time." The debtor has to request for such conversion and should qualify for the other chapter. Any waiver of the right of the debtor to convert a case will not be entertained.

 

Hence, the procedural aspect of any bankruptcy proceeding, particularly that of Chapter 7 is solely intended to free the debtor from any psychological and emotional trouble brought about by the debts. Such advantages that can be acquired when filing Chapter 7 bankruptcy are ultimate ways to a fresh start. There may be no easy way out of debt but filing a Chapter 7 bankruptcy could be the only option you have to establish a life out of debt.

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