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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 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…

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Posted by: Joshua McCloud

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…

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Chapter 7 Bankruptcy in Connecticut: What You Need to Know

Connecticut is one of the original states that was pivotal to the American Revolution and forming of our federal government. Although it’s technically the southernmost state in New England, several of its cities are considered part of the bustling New York-New Jersey metropolitan area. Generally a well-to-do state, Connecticut had the highest per-capita personal income…

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Chapter 7 Bankruptcy in Arkansas: What You Need to Know

Arkansas is nicknamed the Natural State, and a drive through it makes it easy to see why. The state is home to the southern edge of the Ozark Mountains, the thermal waters of Hot Springs, the aptly named Arkansas River, 52 state parks, and seven national park sites. Arkansas also is home to nearly 3…

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Corinthian Colleges Students Eligible for Loan Discharge

Get out of student loan debt free? If you’re a former student of Corinthian Colleges, you might. The for-profit Corinthian Colleges, which stopped operating in 2015 and displaced more than 10,000 California students, was under fire by the U.S. Department of Education after it found the schools made false claims about their post-graduation employment rates…

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Bankruptcy Won’t Send Marijuana Debts Up in Smoke

Last updated May 24, 2017. In one form or another, marijuana is now legal in more states than ever before, which has led to boom times for growers and dispensaries. But what happens when some of those pot dreams go bust? Unfortunately, if you grow weed in the United States and run into financial issues…

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