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Chapter 7
Chapter 7 is the most common type of bankruptcy filed by individual debtors in the United States. In a chapter 7 bankruptcy case, the debtor petitions the court to discharge all common unsecured debts, such as credit card and medical debt, in return for liquidating any non-exempt assets the petitioner may have. In reality, most chapter 7 cases will end up with the petitioner keep all of his or her property while simultaneously eliminating most common types of debt.
Browse the articles below to learn more, or use the search feature to find exactly what you are looking for.
All Chapter 7 Articles
The Statement of Intention in a Chapter 7 Case
When a debtor files Chapter 7 bankruptcy, the debtor completes a Statement of Intention. The Statement of Intention is a form that lets the cour...
Guidelines for Chapter 7 Legal Services
The debtor who hires an attorney to help him/her in a Chapter 7 bankruptcy case needs to understand that the attorney is dependent on the debtor p...
Attorneys’ Fees in Chapter 7 Bankruptcy
The attorneys’ fees for Chapter 7 debtors may include work for: 1. Negotiate with secured creditor 2. File a motion to set the value and redeem se...
The Importance of Reaffirming Debts in Chapter 7
In case you will be declaring Chapter 7 (liquidation) bankruptcy but would like to preserve your vehicle or residence, reaffirming your debt may b...
The Very Basics of Chapter 7 Bankruptcy
The main concept of bankruptcy is to change your financial hardships into a new beginning, and in a lot of ways, Chapter 7 (also referred to as liqu...
Chapter 7 Bankruptcy and Retirement Funds
If you have retirement funds bankruptcy can or cannot be the right move for you to make. In many cases, retirement funds are protected under the ban...
Chapter 7 and Your Bankruptcy Lawyer
Filing bankruptcy in California for an individual can provide debt relief whether a Chapter 7 or a Chapter 13 bankruptcy is filed. Chapter 13 bankru...
Is Chapter 7 Bankruptcy Better Than Debt Settlement?
While debt settlement companies stress avoiding bankruptcy, Chapter 7 bankruptcy law offers the best debt relief outcome by eliminating all unsecu...
Eligibility for Chapter 7 Bankruptcy
Chapter 7 bankruptcy, or “liquidation bankruptcy” is the most commonly used form across the United States. The frequency of this form and all ot...
Understanding Chapter 7 Bankruptcy In Massachusetts
The main aim of a bankruptcy filed under Chapter 7 of the bankruptcy code is to eliminate, or discharge, your existing debts. As a trade off for g...
File Chapter 7 Bankruptcy: What Happens to My Property?
At the time of a Chapter 7 bankruptcy filing in California, the property of the debtor is divided into exempt and non-exempt categories. Property an...
Filing Motions in Chapter 7 Bankruptcy
In Chapter 7 bankruptcy, the most common motions filed by a debtor are a motion to dismiss a case or a motion to convert a case to Chapter 13 bankru...
Chapter 7 Eligibility and the Means Test
If you are faced with overwhelming debt but are over the often misinterpreted means test, you may still qualify for a Chapter 7. To understand how, ...
Receiving and Inheritance During Bankruptcy
Bankruptcy is a process for giving debtors a fresh start while paying their creditors as much as reasonably possible. In a Chapter 7 bankruptc...
Requirements for Chapter 7
A typical Chapter 7 case is opened and closed within three to six months, and the person filing emerges debt-free except for a mortgage, car payme...
Chapter 7 Bankruptcy and Selling a Home
Selling a home when a person is in chapter 7 bankruptcy is not much different than if it were a regular home sale, the seller must find a buyer. O...
Lower Incomes Make Filing Chapter 7 More Difficult
A key test to qualify for a Chapter 7 Bankruptcy is the “means test.” Basically, a person or couple who want a Chapter 7 Bankruptcy needs to pas...
Basic Bankruptcy Exemptions
In the process of Chapter 7 bankruptcy, the liquidation process entails both debts and outstanding assets. However, there are basic bankruptcy exemp...
Types of Bankruptcy for Unemployed Debtors
If you have no income due to a job loss, a health condition that has left you unable to work, or divorce, you may have no ability to pay off you...
How Credit Card Debt is Eliminated by Chapter 7
If you find yourself overwhelmed by debts, with no ability to repay them, you may want to consider filing Chapter 7 bankruptcy. A Chapter 7 discha...
What is the Means Test For?
In order to file for Chapter 13 or Chapter 7 bankruptcy in the United States, individuals must take the means test. This means test clause, wh...
Keeping Property When Filing for Bankruptcy
A common misconception about filing for Chapter 7 Bankruptcy is that you will lose everything and have to start completely from scratch. When you fi...
Chapter 7 Process and Timeline
So you’ve considered your options, and decided that the only solution to you financial situation is obtaining chapter 7 bankruptcy protection. What ...
Automatic Stay Protection
Bankruptcy is often the last resort for individuals who are drowning in debt. It offers a chance for people to slowly pay off their debt, or elimi...
Chapter 7 Realities
Bankruptcy is no respecter of persons. Unexpected medical bills, maxed out credit cards with massive interest, adjustable rate mortgages, or a myriad ...
Filing a Chapter 7 Bankruptcy
If you are severely in debt and believe you are unable to repay your creditors, you may be thinking about filing for bankruptcy. Consulting with a q...
Chapter Seven
One of the most common requests we receive in email is from consumers wanting to know the difference between Chapter 7, Chapter 13 and Chapter 11 ba...
What is a Trustee?
Filing for bankruptcy is a life-altering decision that requires careful consideration and weighing of options. Gone is the stigma of filing for bank...