Chapter 7 Bankruptcy Help
Could Filing Chapter 7 Eliminate Your Debt?
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Chapter 7 bankruptcy is one type of personal bankruptcy that had helped millions of Americans find the relief they need from debt.
In a Chapter 7 bankruptcy case, sometimes referred to as "straight" bankruptcy, a filer may be able to discharge all of his or her unsecured debts, including credit card debt, medical bills, payday loans and more.
Some of the filer's assets (property) may be sold by the bankruptcy court in order to pay off creditors. However, many filers' assets are protected by bankruptcy laws called exemptions. What assets are considered exempt are different in each state.
Will you qualify for Chapter 7? 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. Ask a bankruptcy lawyer if you can file Chapter 7.
The Chapter 7 Bankruptcy Process
Learn more about what to expect when filing 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.
- The Chapter 7 means test: Learn about the means test required by the U.S. Bankruptcy Code to file Chapter 7 bankruptcy.
- State Median Incomes: Find your state's median income levels to see if you may qualify to file under Chapter 7.
- 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.
- 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 Personal 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 sponsoring personal bankruptcy lawyer today.
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