Filing Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy is the most common and basic type of bankruptcy filing. A Chapter 7 bankruptcy will usually wipe out the following types of debt:

  1. Credit Cards
  2. Signature Loans
  3. Medical Bills
  4. Old Automobile Repossessions
  5. Most Court Judgements and Liens
  6. Gambling Debts
  7. Certain IRS Debts
  8. Mortgage Deficiencies

The filing of a Chapter 7 bankruptcy will, in most cases, bring an immediate stop to:

  1. Lawsuits
  2. Wage Garnishments
  3. Bank Account Garnishments
  4. Court Hearings
  5. Creditor Harassment

Chapter 7 Bankruptcy is a Federal law that allows you and your family to get a fresh start by getting rid of the debts listed above. A Chapter 7 bankruptcy allows you to keep your home and personal property, within limits. The bankruptcy laws allow you to keep the home you live in, most of your personal property, a certain amount of equity in your automobile, retirement plans and medical equipment. This type of bankruptcy is a straight forward proceeding. The entire process will normally be concluded in four to six months. It usually only involves one short court hearing and the attorney will be with you through the entire process.