Chapter 7 Bankruptcy Information

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy generally works best for those who have a large amount of unsecured debt. In a Chapter 7 Bankruptcy,you will pay as much of your debt as possible through a trustee and using any non-exempt assets that are available, and then the rest of your debt should be discharged. Note, this doesn't mean that you could loose all your assets. Laws are different from state to state. Even so, all states have exemptions that may allow you to keep much of your exempted assets. A bankruptcy attorney will be able to quickly tell you how a Chapter 7 Bankruptcy would work in your situation.

Who is Eligible for a Chapter 7 Bankruptcy?

To determine if you are eligible for Filing Chapter 7 Bankruptcy, the bankruptcy attorney will complete several proceedings listing your assets, debt, income, and expenses, as well as other documents on your behalf. There is also a bankruptcy means test that evaluates your income compared to expenses and places a limit on those who can file based on their income. The amount of your debt is not a determining factor. There are limits placed on those that have filed for bankruptcy in the past and also a mandatory credit counseling class that must be completed before filing.

How to file for Chapter 7 Bankruptcy

1. Connect with a chapter 7 bankruptcy attorney who will be able to determine your eligibility and will be able to answer all of your questions. He can also tell you if you are better suited for a Chapter 7 Bankruptcy, or a Chapter 13 Bankruptcy.
2. Pull together the needed information about your debts, income, and assets and bring it to your attorney so they attorney can begin your Chapter 7 Bankruptcy case. Your attorney should be able to give you a check list to make the task easier for you.
3. Once your Chapter 7 Bankruptcy case has been filed you will be informed of the time and date of your meeting with the bankruptcy trustee.
4. Wait for the final order of discharge of your debts.
5. Start to live again!

Often, the Chapter 7 Bankruptcy process can take less than 4 months!

Is Chapter 7 Bankruptcy for you? Click here for a free consultation with a bankruptcy attorney, get answers to your questions, and start puting an end to your worries TODAY.