Chapter 7 Bankruptcy

Often referred to as “straight bankruptcy,” Chapter 7 bankruptcy is a process, organized under federal law, that provides consumers with the opportunity to discharge their unsecured debts. Common debts eliminated by filing for Chapter 7 bankruptcy include: credit cards, medical bills, personal loans and mortgage debts. When a chapter 7 case is filed, all of the debtor’s property is temporarily under supervision of the bankruptcy court and a case trustee. Property that is considered “exempt” is retained by the debtor. Conversely, property that is “nonexempt” is subject to sale by the bankruptcy trustee with the proceeds distributed to creditors. One of the important functions of a bankruptcy attorney is to help you classify whether your property is exempt. Exemption laws vary depending on which jurisdiction you live in. It is important to note, that as a practical matter, most people are able to shed their unsecured debts through Chapter 7 with out losing any property. A typical chapter 7 bankruptcy case usually lasts between 4 to 5 months. At the end of the process, the Bankruptcy Court issues a discharge that operates as a permanent injunction preventing creditors from seeking to collect on debts that were included in the bankruptcy. Below, you’ll find hundreds of articles that have been written on the subject of chapter 7 bankruptcy. If, after browsing through these posts, you don’t find the answers that you need, we invite you to post a question to our QA forum. Thank you for visiting the National Bankruptcy Forum.

Chapter 7 Bankruptcy in Hawaii

Chapter 7 Bankruptcy in Hawaii: What You Need to Know

Hawaii is famous for being a tropical paradise. The only state in the United States made up entirely of islands, Hawaii is home to lush green rainforests, scenic beaches, and active volcanoes that attract tourists from the continental U.S. and around the world. However, not all is as sunny in the Aloha State as its […]

Georgia Bankruptcy Exemptions Chapter 7

Chapter 7 Bankruptcy in Georgia: What You Need to Know

Georgia, the largest state east of the Mississippi river, is famous as the nation’s foremost producer of peaches, pecans and peanuts. It was one of our original colonies, and back in 1776 its population was 40,000 —compared to today’s population of 10,310,371, making it the eighth-most populous state in the nation. The Atlanta metropolitan area is the ninth-largest […]

Delaware Bankruptcy Exemptions Chapter 7

Chapter 7 Bankruptcy in Delaware: What You Need to Know

Delaware calls itself the First State because it ratified the U.S. Constitution before any other state, in early December 1787. In the last century, it has also become first in the minds of many entrepreneurs when deciding where to incorporate their businesses. Today, Delaware is home to more corporations, limited liability companies, and business partnerships […]

Connecticut Bankruptcy Exemptions

Chapter 7 Bankruptcy in Connecticut: What You Need to Know

Connecticut is one of the original states that was pivotal to the American Revolution and forming of our federal government. Although it’s technically the southernmost state in New England, several of its cities are considered part of the bustling New York-New Jersey metropolitan area. Generally a well-to-do state, Connecticut had the highest per-capita personal income […]

Corinthian Colleges Student Loan Discharge

Corinthian Colleges Students Eligible for Loan Discharge

Get out of student loan debt free? If you’re a former student of Corinthian Colleges, you might. The for-profit Corinthian Colleges, which stopped operating in 2015 and displaced more than 10,000 California students, was under fire by the U.S. Department of Education after it found the schools made false claims about their post-graduation employment rates […]

US Medical Debt Statistics

10 Statistics about US Medical Debt that Will Shock You

Medical debt is a big problem in the United States. For years, it’s been the No. 1 reason people file for bankruptcy — even though the more common assumption is that those struggling financially have been overspending in other areas of their life. Luckily, bankruptcy can be a helpful solution for a lot of people. It’s […]

Alabama Bankruptcy Exemptions

Chapter 7 Bankruptcy in Alabama: What You Need to Know

Aside from football, Alabama might best be known for its rich agricultural history, the birth of Booker T. Washington’s “Atlanta compromise” in the civil rights movement, and being a big employer for colleges and the military. The Heart of Dixie grew its economy after World War II to diversify its interests past farming, though per capita […]

Debt Collectors NYC

NYC’s Worst Debt Collectors: Who are They?

Over 20 million people live in one of our country’s biggest regions, metropolitan New York. With that many people, it’s likely that millions are in financial dire straits. And where there is financial misery, there are debt collectors. Who are the Big Apple’s most prolific debt collectors? Are they the major players in the debt collection […]