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What Is Chapter 7 Bankruptcy?

Chapter 7bankruptcy is the most popular form of bankruptcy for individuals since it eliminates most debts and gives the debtor a new start. By filing a chapter 7 the debtor can eliminate all their eligible debt through liquidation of all their nonexempt property and assets. For those without extensive assets to protect, this form of bankruptcy is ideal. It does require the applicant to demonstrate and convince the bankruptcy court that they are not capable to repay the loans or debts.

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The formalities for filing chapter 7 bankruptcy while the simplest of the bankruptcies available to individuals; it has become more complex since changes were made to the bankruptcy laws in 2005. Now an applicant must meet a “means test” to determine if they are eligible for chapter 7. If not, they must file chapter 13. One’s chances of qualifying and completing a successful chapter 7 are improved by using a qualified bankruptcy attorney.

In chapter 7 a bankruptcy applicant does not have to pay to the court appointed bankruptcy trustee for the services rendered but working closely with the trustee if best handled by a professional. The strongest incentive to file chapter 7 bankruptcy is the debtor has the chance to basically put their debts behind them and start over. Request for a FREE Bankruptcy Evaluation

Eliminate Debt with Chapter 7 Bankruptcy Laws

Chapter 7 bankruptcy laws have long been designed to protect the debtor. Changes made by the US Congress in 2005 diluted some of these rights in providing more favorable treatment for creditors and requiring an applicant to qualify in order to take advantage of chapter 7. Upon successful filing chapter 7 bankruptcy, the bankruptcy trustee liquidates the nonexempt property to pay off pending debts. This gives immediate relief from calls by creditors or collection agencies. You get a fresh start in building your financial future. Let us help you take advantage of Chapter 7 by providing a free case review to see if you qualify for chapter 7. Let us help. Click here for a free case review.

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Filing for chapter 7 bankruptcy protection offers you relief from most unsecured debts such as

  • Medical Bills
  • Unsecured Personal Loans
  • Parking Tickets
  • Payday Loans
  • Credit Cards
  • Utility Bills

File Chapter 7 Bankruptcy ... the easiest way to eliminate debt

Everyone’s financial situation varies and chapter 7 may or may not be the answer. Basically, the chapter 7 bankruptcy laws best fit the following scenarios:

  • A debtor, whose medical debt and credit card debt have basically gone through the roof with little or no prospect of ever being able to be paid off, is ideal for filing chapter 7 bankruptcy. The liquidation process in bankruptcy chapter7 is fast and one can effectively address both these type debts.
  • Chapter 7 bankurptcy is also good for debtors who have serious debt problems but at the same time do not have any or limited property. Basics of life such as clothes, furniture, tools for work, appliances, photos and books are usually exempted from liquidation and are called chapter7 bankruptcy exemptions. In almost all cases autos are NOT included in chapter 7 and you can keep your car.
  • The debtor should have only limited income. According to chapter 7 bankruptcy laws you have to pass the means test to qualify for chapter 7. This is a test of your income against the “mean” or average income your state. So it varies by state. If your income is above your state’s mean income, you may not qualify for chapter 7. This is where a good bankruptcy attorney can help. They can work with you and your situation to get you to qualify if there’s a way. Click here for a free case review

If you do not qualify for Chapter 7 bankruptcy, we can guide you to other alternatives to Chapter 7 bankruptcy rules. Our network of professionals offers all the alternatives available to help you alleviate your debt

Filing Chapter 7 Bankruptcy …Giving your finances a fresh start

What is chapter 7 bankruptcy and what is the filing process?

The most common question ask by most potential applicants is “how to file for chapter 7 bankruptcy?” The process of filing chapter 7bankruptcy is straightforward but does work better with the help of a bankruptcy attorney. It’s not a good idea to file without professional help. Documents must be completed properly, accurately on time and submitted correctly. The attorney can also appear for you if a creditors meeting is called. The benefits of a chapter 7 can be significant and a good attorney can show you how to take full advantage of all of them.

How do I get started?

Your first step is filling up the short case review form and letting a qualified attorney review your specific situation. Based on what they learn they can tell you if bankruptcy is right for you and which chapter works best. This is free with NO obligation for this service.


What is chapter 7 bankruptcy all about?

Chapter 7 bankruptcy is designed for those individuals with limited assets who have more unsecured debt than they can repay. It’s a legal and moral way to eliminate much of this debt. It also protects the individual’s rights of the debtor and works with their creditors. This process starts immediately upon filing and stops creditor harassment on the spot. Chapter 7 is the simplest and fast way to file bankruptcy.

Is filing chapter7 bankruptcy the best alternative?

Complete our short Case Review form so we can learn more about your situation. A trained professional will review your information and advise you if bankruptcy will work for you. There’s NO obligation for this service. Don’t take a chance and make a big mistake… get professional advice FREE and WITHOUT OBLIGATION.

What way does the chapter 7bankruptcy work?

Immediately upon filing, all collection efforts of your unsecured creditors is stopped immediately. Once the bankruptcy court approves your filing for chapter 7 bankruptcy, a bankruptcy trustee is appointed to liquidate your nonexempt assets and distribute the received amount among the creditors or lenders. When this is complete you are relieved of your unsecured debts.

How can one qualify for chapter 7 bankruptcy?

There is a means test, which varies by state and the filing of tax returns are mandatory for filing chapter 7 bankruptcy. According to the chapter 7 bankruptcy rules, a debtor should not have defaulted or cheated the debtors earlier. The filing of chapter 7 bankruptcy should not be within a period of 7 years of the earlier bankruptcy filing. The other details can be covered in your Free Case Review.

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