BANKRUPTCY UPDATES

• Monk's Personal Bankruptcy Case Gets Stranger (February 01, 2012)
• Bankruptcy Filings by Big Companies Falls by 17 Percent (January 26, 2012)
• Wrigley Field Rooftop Building Sold in Bankruptcy Auction (January 27, 2012)
• Former Flying Wallenda Files for Chapter 13 bankruptcy (January 31, 2012)
• Green Fuel Developer Evergreen Energy Files for Bankruptcy (February 03, 2012)

Chapter 7 Bankruptcy

Chapter 7 Is Designed to Wipe Out Credit Card Debt

Chapter 7 bankruptcy is a powerful tool for those struggling with debt. Chapter 7 is designed to quickly eliminate unsecured debt, including:

• Credit Cards
• Medical Bills
• Payday Loans
• Some Personal Loans
• Utility Bills

What could filing for bankruptcy do for you? Receive a free case evaluation from a local Chapter 7 bankruptcy lawyer by filling out our form below:

Who Can File Chapter 7?

Filing Chapter 7 bankruptcy may also include the strong protections of the Automatic Stay, which halts collection efforts, and Chapter 7 exemptions, which may help you keep valuable possessions.

These two programs are part of the bankruptcy code in every state and help you protect your home, car, wages and other important possessions from creditors, and may prevent foreclosure.

Typically, Chapter 7 bankruptcy works best for people who:

• Owe lots of credit card and medical debt. Bankruptcy is designed to completely eliminate unsecured debts like credit card and medical bills. Typically, it works quickly, meaning you don't have to wait years for a fresh start.
• Do not own much property. Chapter 7 property protections vary according to state laws, but, generally speaking, Chapter 7 offers less protection for your property than Chapter 13 bankruptcy. However, Chapter 7 exemptions may allow you to keep your home, car and other valuable items like work tools, furniture, clothes, appliances, photos and books.
• Do not have much income. In order to qualify for Chapter 7 bankruptcy, you must pass the means test. A local bankruptcy lawyer can help you with this test, which looks at your income and debts to determine true need.

Additional Information about Filing Chapter 7 Bankruptcy

• Chapter 7 Bankruptcy Requirements - Eligibility to file. Laws passed in 2005 set eligibility requirements for potential filers. In order to file, you must meet certain criteria, including passing the Chapter 7 means test. After you pass the test, you will also need to complete a credit counseling course.
• Chapter 7 Bankruptcy Means Test - The means test isn't like the exams you saw in school. Learn how this measure of your debts, income and assets affects your ability to file. The rules for the means test vary by state, and we provide some quick tools to give you a better idea if Chapter 7 may be able to help you.
• Chapter 7 Bankruptcy Timeline - Although Chapter 7 is typically one of the fastest acting forms of debt relief, there are still many steps and stages, each requiring you to complete processes, filings or meetings. Know more about what happens, and when, during a bankruptcy case.

See What Chapter 7 Bankruptcy Could Do For You

A bankruptcy attorney can answer questions about filing Chapter 7 or Chapter 13 bankruptcy.

Complete the quick case review form below or call 877-349-1309 to connect with a sponsoring local bankruptcy lawyer for free.

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