What Is Chapter 7?
What's It Mean?
A Fresh Start...
Congress created a code that gives you a chance to legally start over. Yes, clean your slate and start over. It's not a gimmick, but the law.
Debtor's Non-Exempt Property Liquidated (converts assets into money) - Proceeds Distributed to Creditors, usually includes:
- Clothing (Furs)
- Electronic Equipment
- Expensive Car that is paid off
If Debtor Has No Assets to Lose - Fresh Start Takes Place Faster
This is the Most Common Form of Bankruptcy Filing - Accounts for 65% All Customer Bankruptcy Filings
Fastest Way of Starting Over Financially - Especially When No Objections from Parties Involved
Once Bankruptcy Petition Filed, Most (If Not All) Debts Discharged
Chapter 7 of the Bankruptcy Code: Opportunity for a debtor to come out of a financial crisis & start over, it is the fastest way to achieve that goal.
Frequently Asked Questions
How does Chapter 7 Bankruptcy work?
- Appointed Trustee Collects All Non-Exempt Property, Sells Them and Distributes Proceeds to Unsecured Creditors (Discuss Exemptions and Protecting Your Assets with Your Lawyer)
- Debtor Receives a Discharge on All Dischargeable Debts (Contact Lawyer for Clarification of Dischargeable Debt)
- Added Advantage: Debtor Can Continue to Pay for Car Loan or Mortgage & Retain Some or All Property (A Reaffirmation Agreement May be Required)
Who can file for Chapter 7 Bankruptcy?
- Debtors Who Want to Liquidate
- Individuals NOT Associated with Corporations and Partnerships
- Any Person NOT Granted a Chapter 7 Discharge in A Case Filed Within the Last 8 Years or a Chapter 13 Discharge in a Case Filed Within the Last 6 Years
How do I file for Chapter 7 Bankruptcy?
- Contact Qualified Bankruptcy Lawyer to Help Navigate Through Legal Process
- Give Lawyer All Details of Your Case in a FREE Confidential Consultation
- Give Complete and Correct Information
- Allow Lawyers to Take Your Case to Logical Conclusion
