Chapter 7 is known as a liquidation or straight bankruptcy. It is typically used by those with a large amount of unsecured debt
and/or those who wish to surrender some of their secured debt items (typically houses and cars). A Chapter 7 Discharge will
eliminate your dischargeable debts and allow you to have a fresh start, choosing which secured debts you wish to keep paying.
Chapter
7 cases are reviewed by the United States Trustee's office for abuse. If you make too much money, your case can be dismissed
or converted to
Chapter 13.
If you own any non-exempt property, that property is given to the bankruptcy trustee who can sell it and
give the money to your creditors. Most debtors do not own any non-exempt property and thus can keep all of their property after
a bankruptcy.
To find out more, please call or email us to schedule a free consultation to see if you qualify.