Chapter 7 Bankruptcy

                A Chapter 7 Bankruptcy is also known as “liquidation”. All of a debtor’s dischargeable debt is wiped away to allow the debtor a fresh start. In exchange for the fresh start the debtor must surrender any “non-exempt” property to the Chapter 7 Trustee. The Chapter 7 Trustee will sell any non-exempt property to benefit the creditors. Many debtors will not have any non-exempt property, so there will be nothing for the Chapter 7 Trustee to sell. It is important to contact a bankruptcy attorney, so that your interests will be protected through the Chapter 7 Bankruptcy process.

                It is likely you will qualify for a Chapter 7 if you have not filed for a bankruptcy case in the past eight (8) years and have a valid social security number. There are certain income requirements that must be met for a chapter 7 filing, it is important to seek counsel from an experienced bankruptcy attorney to be sure you are eligible.