Chapter 7
Chapter 7 bankruptcy, also called liquidation, is the most common type of bankruptcy and completely eliminates your dischargeable debts forever. Individuals who qualify for Chapter 7 bankruptcy have proven to the court that they have no realistic way to repay their debt over the course of the next three to five years. With careful planning a Chapter 7 debtor is legally excused from having to repay any unsecured debts, and most debtors are able to keep all of their assets. Typically it takes a total of about four months for a Chapter 7 bankruptcy case to be filed and discharged.
Certain debts cannot be cleared through Chapter 7 bankruptcy, such as student loans, child support, alimony, most taxes, and personal injury damages while intoxicated.
Please contact our office to discuss whether Chapter 7 bankruptcy is right for you.
