Filing Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Was Designed to Eliminate Debt
Chapter 7 bankruptcy was designed to eliminate unsecured debt. Unsecured debt includes:
- Credit Cards
- Medical Bills
- Payday Loans
- Some Personal Loans
- Utility Bills
- Parking Tickets, and More
Talk to a bankruptcy lawyer for free about filing bankruptcy:
Filing Bankruptcy Under Chapter 7
Filing Chapter 7 bankruptcy may also include the strong protections of the Automatic Stay and Chapter 7 exemptions.
These two programs are part of the bankruptcy code in every state and may prevent foreclosure and help you protect your home, car, wages and other important possessions.
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 Filing Chapter 7 Bankruptcy Information
A bankruptcy attorney can answer questions about filing bankruptcy.
Click below or call 877-349-1309 to connect with a sponsoring local bankruptcy lawyer for free.
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