CHAPTER 7

 Wipe Out Your Debt in a Liquidation Chapter 7 Bankruptcy

If you have insurmountable debt and few assets and need fast, immediate relief, Chapter 7 is the most viable option.

This bankruptcy chapter will enable you to eliminate or discharge most or all of your unsecured debt (debt that has no collateral against it) including:

  • medical bills

  • credit card bills

  • personal loans

  • utility bills

  • judgments resulting from auto accidents

  • remaining balances on repossessed vehicles

  • broken leases

In most cases, an individual may keep their home or cars (secured debt), provided that they continue to make current payments and are up to date on the loan.

 
bg1.jpg
 

CHAPTER 7 DOES NOT ELIMINATE:

  • Student loans, except extreme hardship cases

  • Debts for most taxes, although taxes more than 3 years old might be eliminated

  • Debts for alimony, maintenance or support, or property settlement obligations.

  • Debts for fines, penalties or criminal restitution

  • Debts for personal injuries caused by driving intoxicated or under the influence of drugs

Chapter 7 is the most commonly filed bankruptcy and can allow for an immediate and new financial start.

 Since the start of the Covid-19 crisis, more than 30 million Americans have lost their businesses, their jobs and their security. Millions of Americans are going to need to file for bankruptcy to get the fresh start they deserve and Congress intended for them to have.