Chapter 7

Chapter 7 is a federal bankruptcy law enacted by Congress to give individuals, married couples or businesses in financial difficulty a fresh start. Chapter 7 is a straight liquidation bankruptcy that allows individual debtors to discharge (and not pay) unsecured debts. Unsecured debts include many but not all purchases made on credit cards.

Filing under Chapter 7 allows you to keep many assets and then start over. In exchange, the debtor surrenders the remainder or non-exempt assets, if any, to be liquidated for the benefit creditors. Chapter 7 does not discharge student loans, certain IRS debts, family obligations, or criminal obligations.

We will work closely with you to help you determine whether you need to file bankruptcy. If you decide to file Chapter 7, you will work closely with an attorney to create schedules showing your creditors, assets, income and expenses. These schedules are signed by you and filed with the Court along with a voluntary petition for bankruptcy. Once these documents are filed the automatic stay of the Federal Bankruptcy Code immediately goes into effect. The bankruptcy clerk's office will notify your creditors of your filing and the harassment will immediately stop.

It generally takes approximately six months before the Bankruptcy Judge signs the discharge order and you are relieved of all dischargeable debt. Debts which may not be discharged by the court include: large purchases such as appliances; jewelry; furniture; cash advances made within sixty days of the filing for bankruptcy; student loans; some types of tax debts; family obligations; child support; and debts due to fraudulent acts and/or intentional torts or wrongs. Chapter 7 will usually allow you to keep your house and vehicles provided you keep making your normal monthly payments to the mortgage or finance company.

Our bankruptcy experience allows us to provide our clients with knowledgeable, skilled Chapter 7 bankruptcy representation in a cost-effective manner.

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