What is Chapter 7 Bankruptcy?

      Chapter 7 Bankruptcy can be described as the process where you receive a
discharge on most all of your debt that is able to be discharged like
medical bills, credit card debt, deficiency balances on car loans and more.
You can also file a Chapter 7 Bankruptcy case and have the court appointed
trustee take possession of your assets if they exceed the exemption amounts
allowed and your debts would be paid off in part with the proceeds and the
rest are discharged. Most Bankruptcy debtors who file for Chapter 7
Bankruptcy have no assets that are able to be liquidated which would mean
there is no liquidation process and most of the debts are discharged. There
are many important factors when deciding when and how to file for
Bankruptcy. Under the new Bankruptcy code you will not be able to file a
Chapter 7 petition if you had filed another Chapter 7 within the previous 8
years. Talking to a qualified Bankruptcy attorney will be the first step to
see if you qualify for Chapter 7 or if you could file under Chapter 13.

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