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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 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…

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Chapter 7 Bankruptcy in Kansas: What You Need to Know

Located in the country’s Great Plains heartland, Kansas is a state rich in history. The land that eventually was to become Kansas was part of the Louisiana Purchase in 1803, but it took almost 60 years for Kansas to achieve statehood, just a few months before the outbreak of the Civil War. Most people think…

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Posted by: Joshua McCloud

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,…

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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…

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Chapter 7 Bankruptcy in Idaho: What You Need to Know

Idaho is a dreamland for those who love the outdoors. It offers the most whitewater river miles in the lower 48 states, and more than 21 million miles of forest and public lands. It’s a destination for those who enjoy skiing in well-known resorts such as Sun Valley. However, Idaho ranks only 47th in the United…

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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…

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