Chapter 7 Bankruptcy
Could Chapter 7 Provide Financial Renewal?
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Chapter 7 bankruptcy, sometimes referred to as "liquidation", is one type of personal bankruptcy that helps many Americans find the relief they need from debt.
In a Chapter 7 bankruptcy, the debtor's non-exempt assets are sold by the bankruptcy court in order to pay off debtors. What assets are considered exempt are different in each state.
Not every debtor will qualify for a Chapter 7 bankruptcy. As part of the new bankruptcy law introduced in 2005, any bankruptcy petitioner filing Chapter 7 bankruptcy must first qualify under the bankruptcy means test, which looks at the debtor's income, assets and expenses.
Chapter 7 Bankruptcy Topics
This section of Clear Bankruptcy provides general information to help you begin to educate yourself about Chapter 7 bankruptcy.
Begin your discovery of Chapter 7 by visiting these pages, which offer basic information about different aspects of Chapter 7 bankruptcy:
- Chapter 7 Overview: Find out what types of debt are usually included in a Chapter 7 bankruptcy and how the process works in general.
- Chapter 7 Filings: Learn about the process to file under Chapter 7 of the U.S. Bankruptcy Code, including qualifications.
- Chapter 7 Exemptions & Qualifications: Find out what protections state and federal law offer to protect some or all property in Chapter 7 bankruptcy, and who can file Chapter 7.
- Debt Statistics: Get the facts on what pushes Americans to file for bankruptcy protection.
- Chapter 7 means test: Learn about the means test required by the U.S. Bankruptcy Code to file Chapter 7 bankruptcy.
- Automatic Stay: Learn about the bankruptcy automatic stay and how filing for Chapter 7 bankruptcy can stop creditor harassment in its tracks.
Discuss Chapter 7 Bankruptcy with a Local Bankruptcy Lawyer
Filing for bankruptcy is a major step toward financial renewal—and it's not one to be taken lightly. To ensure you're making the right decision for yourself and your finances, it's essential that you know what to expect from bankruptcy and what you need to do to prepare for it.
If you're ready to talk to a bankruptcy lawyer practicing in your area for a more personalized look at your current financial situation, you can fill out our free bankruptcy evaluation form or call us at 877-833-2410. We'll put you in touch with a local personal bankruptcy lawyer who can answer your questions and put your mind at ease.