CHAPTER 7

A Chapter 7 bankruptcy is available to people with unsecured debt, such as credit card, personal loans, pay-day loans, or medical bill debt. In most Chapter 7 bankruptcies you do not have to sell or lose any of your assets (homes, cars, or other personal items). And you won't lose equity in your home, your retirement accounts, Social Security or most of your wages.

Chapter 7 bankruptcy, commonly called "straight bankruptcy" is the most popular form of bankruptcy because it allows you to start fresh.

Chapter 7 bankruptcy is available to individuals and couples, and the bankruptcy is normally completed within 4 months of filing. Once a debt is discharged, it is eliminated and you never have to pay that debt again! Most people who file Chapter 7 bankruptcy keep all their property and personal belongings.

Chapter 7 bankruptcy is generally used by debtors who lack sufficient income to cover their outstanding debts after taking care of their basic living expenses. It is often used to eliminate debts such as credit card bills, pay-day loans, medical bills, repossessions, and personal loans.

Chapter 7 bankruptcy is the most common form of bankruptcy. Approximately two-thirds of all bankruptcies filed are Chapter 7 bankruptcies.

Once you file Chapter 7 bankruptcy, you can begin to rebuild your life without worrying that your wages will be garnished, your bank account attached, or your property seized. Chapter 7 bankruptcy stops creditors from calling you at work, and threatening or harassing you. Remember, the bankruptcy laws were designed to help you.

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