Chapter 7 Bankruptcy | National Bankruptcy Forum
phone-contact
866-471-3661
Free Debt Evaluation 24/7

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.

date

Last updated: 

author

Posted by:

Failure To Keep Adequate Records Can Be Grounds For Denying Bankruptcy Discharge

In Chapter 7 bankruptcy, a debtor is entitled to a Discharge of his or her debt unless one or more of twelve exceptions is met. One such exception is the failure to keep adequate records. In order to ensure that you have entered bankruptcy court in good faith, the court and trustee must be able to verify…

Read more
date

Last updated: 

author

Posted by:

Fruits, Vegetables, Exercise, and…Bankruptcy?

Bankruptcy: the Healthy Choice? If you find yourself deep in debt and are desperately trying to avoid bankruptcy, it might be time for a paradigm shift. Not only does bankruptcy provide relief from debt, it provides relief from chronic stress that can lead to poor health. Constantly worrying about bills and your financial future is…

Read more
date

Last updated: 

author

Posted by:

Does Filing Bankruptcy Mean I Have to Go to Court?

Last updated Dec. 14, 2017. For most people, lawyers and lawsuits conjure up images of wood-paneled courtrooms with scary judges presiding over heated exchanges. “ORDER IN THE COURT! OBJECTION, YOUR HONOR!” Many bankruptcy clients are concerned that a judge will be reviewing and second-guessing their petition. This concern is usually unwarranted. In the vast majority…

Read more
date

Last updated: 

author

Posted by:

Can I File Bankruptcy Without My Spouse? Will My Bankruptcy Hurt My Family?

One of the most common questions bankruptcy attorneys receive is: “How will filing for bankruptcy affect my spouse?” The issue comes up most frequently when only one spouse is planning to file for bankruptcy. Many have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not…

Read more
date

Last updated: 

author

Posted by:

Filing Bankruptcy Without a Lawyer? Know The Risks

Yes, you can file bankruptcy without the help of a lawyer. Is it advisable? Definitely NOT! There is an old adage: “he who represents himself has a fool for a client.” Perhaps nowhere is this more true than in the bankruptcy court. Bankruptcy is much more than just filling out some forms. If things aren’t…

Read more
date

Last updated: 

author

Posted by:

180 Day Wait Period to Refile Bankruptcy After Dismissal

Dismissal of a bankruptcy case is unfortunate and can happen for a number of reasons. The Bankruptcy Code places numerous responsibilities on debtors and failure to comply can jeopardize your case; making it important to consult with a knowledgeable bankruptcy attorney before filing. When a bankruptcy case is dismissed without issuance of a discharge, you…

Read more