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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 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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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…

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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,…

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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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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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