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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. 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.

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Chapter 7 Bankruptcy in Oklahoma: What You Need to Know

Oklahoma’s median household income, at $49,176, is significantly below the national average, but that’s not necessarily bad news for Sooner State residents. Lower costs in key areas balance out lower incomes. The median Oklahoma home sale price, as reported by RealtyTrac, is $85,000 lower than the national median. These lower costs have drawn attention and…

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Chapter 7 Bankruptcy in North Dakota: What You Need to Know

The past decade has been good to North Dakota. During the Great Recession, while median incomes across the country were shrinking when adjusted for inflation, household incomes in North Dakota grew by more than 15%. In 2016, “legendary North Dakota” posted the 10th highest per capita personal income (PCPI) in the United States, at $54,267….

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Chapter 7 Bankruptcy in Mississippi: What You Need to Know

Pecans, cotton, catfish, sweet potatoes — all have a huge, if not “capital,” presence in Mississippi. The nickname “Old Man River” is reserved for the Mississippi River, the largest river in the United States and the nation’s chief waterway. The Magnolia State also is rich in history, with the Mississippi Delta considered the birthplace of…

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Chapter 7 Bankruptcy in Minnesota: What You Need to Know

Minnesota isn’t just home to people with a well-known accent. It’s also home to the country’s largest urban sculpture garden in Minneapolis, the largest regional playhouse in the U.S., and Minneapolis boasts more golfers per capita than any city in the country. Minnesota also has 90,000 miles of beautiful shoreline, which is more than our…

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Chapter 7 Bankruptcy in New Jersey: What You Need to Know

New Jersey is often described as one of the wealthiest states in the nation. In raw numbers, that’s true — New Jersey consistently posts median individual and household incomes well above the national median. In 2016, New Jersey had the third-highest median household income in the U.S., at $76,126. The Garden State isn’t just doing…

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Chapter 7 Bankruptcy in Wisconsin: What You Need to Know

Traditionally hailed as the “Dairy Capital of the USA,” the heartland of Wisconsin is also the birthplace of famed architect Frank Lloyd Wright; the home of the world’s largest music festival, Milwaukee Summerfest; and a prime location for nature lovers with easy access to the Great Lakes. While the thriving milk, cheese, and yogurt industry…

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