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 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. Through 2018, New Jersey’s average household income was almost $80,000. Unfortunately, a high cost of living offsets higher income, and the…
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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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Chapter 7 Bankruptcy in Missouri: What You Need to Know
Missouri was pivotal for launching the settlement of the western United States. The Lewis and Clark expedition began near present day St. Louis, and Missouri was the eastern starting point for the Pony Express, the Oregon Trail, the California Trail, and for many years, the Santa Fe Trail. The 91-acre Jefferson National Expansion Memorial in…
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Chapter 7 Bankruptcy in Tennessee: What You Need to Know
Tennessee is world-famous among music lovers, and it isn’t hard to see why. Crossing the state along I-40, drivers can quickly access such musical landmarks as Graceland in Memphis, the Country Music Hall of Fame in Nashville, and Dollywood in the Great Smoky Mountains. Thanks in large part to the tourism driven by attractions such…
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Chapter 7 Bankruptcy in D.C.: What You Need to Know
Washington, D.C. dates back to 1791, when it was founded to be our nation’s capital. The District of Columbia is the location of all three branches of our government: the executive, the legislative, and the judicial. Here, Congress passes laws, the President develops policies, and the Supreme Court rules on cases that affect us all….
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Chapter 7 Bankruptcy in Maryland: What You Need to Know
One of the original 13 colonies, Maryland is a mid-Atlantic state blessed with a wide variety of landscapes that has earned it the nickname “America in Miniature.” Sand dunes, marshlands, gentle hills, pine groves, and waterways decorate this small state. Perhaps Maryland is best known for the Chesapeake Bay and delicious seafood, but it is…
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