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Are you having issues with repayment of debt? Are you being threatened with wage garnishment, foreclosure, or repossession? If you’re feeling trapped by debt, filing for Chapter 7 bankruptcy can release you from personal debt resulting from medical bills, credit cards, and personal loans. Plus, Chapter 7 may significantly improve your financial condition in as little as a few months.

If you need expert advice to determine if you qualify to file or you want to learn about what to expect during the legal process, complete the free search form on this page to find a bankruptcy professional in your area who can help you, today.

Chapter 7 Bankruptcy – An Overview

Chapter 7, commonly known as a fresh start bankruptcy, is the single most common bankruptcy chapter filed in the United States. Chapter 7 refers to the chapter of the United States Bankruptcy Code and involves the sale (liquidation) of a debtor’s non-exempt assets by a trustee in exchange for the elimination of all or nearly all debt.

In a Chapter 7 bankruptcy, typically, anyone fling a chapter 7 bankruptcy is allowed to keep certain exempt assets such as a home or car. An exempt item is one that cannot be repossessed or sold to repay your debts during a Chapter 7 bankruptcy. Exempt items will typically remain in your possession during and following a bankruptcy. The property that can be claimed as exempt varies from state to state .

Any proceeds obtained by the bankruptcy trustee are then turned over to the creditors. Bankruptcy allows consumers and businesses to potentially eliminate some or all of their debts under the protection of the federal bankruptcy court. A bankruptcy professional can provide you a realistic picture of what this means for you.

Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. Common exceptions to discharge include child support, income taxes and property taxes, student loans, and fines and restitution imposed by a court for any crimes committed by the debtor. Spousal support is also not covered by a bankruptcy filing nor are property settlements through divorce. Real estate mortgages and car loans “liens” survive, meaning they are not discharged and will remain your obligation even after the Chapter 7 bankruptcy process.

Learn More About How Chapter 7 Bankruptcy May Help

Filing for bankruptcy under Chapter 7 may eliminate debt from medical bills, credit cards, and personal loans in just a few months. If you need assistance to determine if filing

bankruptcy is right for you, get in touch with a knowledgeable bankruptcy attorney in your area by filling out the free form on this page.

While you’re waiting to hear back from an attorney, if you want to know if you qualify to file under Chapter 7 or to learn about what to expect during the legal process, you can review these articles to find out more about Chapter 7 bankruptcy:

What is Chapter 7 Bankruptcy?

Learn how Chapter 7 bankruptcy may be able to help you eliminate your debts and give you the second chance you deserve.
  • Chapter 7 State-by-State Bankruptcy Laws

    The Chapter 7 legal process is different in every state. Get more information about the laws in your state.
  • Is Chapter 7 Right for You?

    Chapter 7 is a quick and effective way to eliminate certain debts, but it’s not for everyone. Find out if Chapter 7 is the right debt relief solution for you.
  • Who Qualifies for Chapter 7?

    Learn what factors determine whether or not you qualify to file for Chapter 7 bankruptcy.
  • How Long Does It Take to File For Chapter 7?

    If you’re facing unmanageable debt, you may be surprised to learn how quickly your debts can be eliminated by Chapter 7 bankruptcy.
  • What Does It Cost to File Chapter 7?

    Find out more about court filing fees and other costs associated with filing for Chapter 7.
  • Reaffirmation agreements

    Discover how you can keep important property, such as your car, by reaffirming secured debts during the Chapter 7 bankruptcy process.
  • Inheritance and Chapter 7

    Learn what factors determine if your inheritance is used to repay your creditors if you file for Chapter 7.
  • Steps for Filing Chapter 7

    See what documents you need to file, the courses you need to take, and more.
  • After You File Chapter 7

    From rebuilding your credit to developing a budget, learn about what happens after your debts are discharged.
  • Chapter 7 FAQ

    We know bankruptcy law can seem complex and confusing. We’ve answered some common questions about Chapter 7 to give you the confidence you need to make informed decisions about your financial future.

  • Chapter 7 Bankruptcy State Laws

    Bankruptcy laws differ state by state. For more information on local statutes and exemptions, select your state from the list below or seek the guidance of a skilled bankruptcy lawyer  through this website.


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