SERVICES: Chapter 7 Bankruptcy

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Information on “Chapter 7” or “Straight” Bankruptcy:

There are two versions of Bankruptcy for an individual debtor, “Chapter 7” and “Chapter 13.” In 2005, the Bankruptcy laws were changed and now a big factor in the case is annual household income.

The “Chapter 7” or “Straight” type of Bankruptcy cancels debts to get a new start. Most debts are wiped out but you must still make payments on items you wish to keep. In order to file Chapter 7 you must qualify under income limits set by the Bankruptcy Court. Chapter 7 usually takes about 90 days to complete.

Special Rules apply to:
• Student Loans
• Taxes
• Alimony and Child Support
• Payments to friends and/or family members

Bankruptcy Facts:

• Debtors usually keep all their belongings in a Bankruptcy case.
• Debtors can keep whatever they pay for through their case or can continue to make payments to the creditor.
• If you are married, you can still file a Bankruptcy by yourself and leave out your spouse.
• Some taxes can be wiped out in Bankruptcy.
• Debtors can re-establish credit after the Bankruptcy case, usually within two years.