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 Maine

Chapter 7 Bankruptcy in Maine: What You Need to Know

Maine has some specific rules that govern bankruptcy, but before we get into that, let’s take a look at the state that lies the farthest north in New England. Maine is a state of dense forests, low mountains, beautiful waterways, and a rocky coast that is studded with lighthouses. Its charms include beaches, the heavily […]

Chapter 7 Bankruptcy in Louisiana

Chapter 7 Bankruptcy in Louisiana: What You Need to Know

Before we discuss exemptions in bankruptcies filed in Louisiana, let’s take a look at this fascinating state. The Gulf of Mexico, the Mississippi River and Louisiana’s extensive bayous frame the backdrop to Louisiana’s unique melting pot that include Cajun and Creole cultures. We owe a debt to New Orleans for giving birth to jazz, and, […]

Chapter 7 Bankruptcy in Kentucky

Chapter 7 Bankruptcy in Kentucky: What You Need to Know

Last updated Sept. 15, 2017. Just south of the Mason-Dixon line, Kentucky is famous for the venerable Kentucky Derby thoroughbred horse race, which began in 1875. Far more than a horse race, the Kentucky Derby is a see and be-seen social event that is always held at Churchill Downs in Louisville the first Saturday in […]

Chapter 7 Bankruptcy in Iowa

Chapter 7 Bankruptcy in Iowa: What You Need to Know

Known most across the nation for the Iowa caucuses that launch the presidential nominating process every four years, the world-renowned Iowa State Fair, and being the future birthplace of Captain James T. Kirk, Iowa’s robust economy often comes as a surprise to people. Unsurprisingly, Iowa is number one in the nation in producing eggs, corn, […]

Chapter 7 Bankruptcy in Indiana

Chapter 7 Bankruptcy in Indiana: What You Need to Know

If you don’t live in or near Indiana, you may only have a vague picture of a state with miles of farmland that hosts the annual Indianapolis 500 auto race. In fact, Indiana is filled with attractions and boasts diverse industries. A discussion of Indiana’s charms would not be complete without a mention of Brown […]

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 […]