The Mississippi Notice of Amendment of Schedules (Chapter 7 — No Asset) is a legal document used in bankruptcy proceedings in the state of Mississippi. This document is used when a debtor in a Chapter 7 bankruptcy case has no assets. It informs the court and creditors of the debtor's intent to amend the schedule of assets and liabilities in the bankruptcy case. The Mississippi Notice of Amendment of Schedules (Chapter 7 — No Asset) must be filed with the bankruptcy court. There are two types of Mississippi Notice of Amendment of Schedules (Chapter 7 — No Asset): a voluntary amendment and an involuntary amendment. A voluntary amendment is when the debtor voluntarily changes the information listed in the original schedules of assets and liabilities. An involuntary amendment is when the court orders the debtor to change the information in the original schedules.
Mississippi Notice of Amendment of Schedules (Chapter 7 - No Asset)
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FAQ
It represents a formal order from the bankruptcy judge that all debts which can be eliminated or adjusted have been so modified. This order is binding on all state and federal courts and if a creditor attempts to collect on a discharged debt, you can sue that creditor for damages in a contempt proceeding.
Dismissal of a Bankruptcy Case ? Dismissal ordinarily means that the court stopped all proceedings in the main bankruptcy case AND in all adversary proceedings, and a discharge order was not entered. Dismissal can occur because a debtor requested the dismissal and qualifies for voluntary dismissal.
If all the debtor's assets are exempt or subject to valid liens, the trustee will normally file a "no asset" report with the court, and there will be no distribution to unsecured creditors. Most chapter 7 cases involving individual debtors are no asset cases.
The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors;
Having your Chapter 7 bankruptcy denied can have serious consequences. You will become immediately liable for all your debts. In the case of fraud, the trustee may also be able to administer non-exempt assets, which means you could lose your property and still owe your debts.
Previous debt discharge - If the debtor previously filed for bankruptcy and was granted a discharge of debts, a creditor may object to a subsequent bankruptcy filing that has been made before sufficient time has passed since the previous discharge.
Filers are usually hoping to get a bankruptcy discharge. That's the order that wipes out certain debts and gives you a fresh start. A dismissal is very different. It means your case has been stopped before the court granted a discharge.
Adding a Creditor After a Chapter 7 Filing With Chapter 7 bankruptcies, if you want to add a creditor after you have already filed, you will need to notify your attorney as soon as possible. Only debts that are incurred before filing can be added to your Chapter 7 bankruptcy.