Daniel R. - $10,500,000.00
Chapter 7
Chapter 7 Highlights
- Commonly referred to as a “straight bankruptcy,” “liquidation,” or a “fresh start.”
- Debits and collection calls are eliminated.
- Credit counseling is required of everyone who files.
About Chapter 7
The process seems simple enough--file a Chapter 7 and a few months later, you receive a discharge, basically halting calls from creditors seeking payments and eliminating your excessive pile of debts. But as straightforward as this process seems, bankruptcy is not something people should undertake alone. There are massive hurdles of paperwork, deadlines and procedures to contend with, and complex rules that determine which of your possessions are exempt.
If you would like to speak with an expert to discuss whether or not filing chapter 7 is right for you, please complete the form and one of our attorneys will contact you, or call 1-800-LAW-FIRM now.
The attorneys at 1-800-LAW-FIRM are skilled and experienced in protecting your assets from the court and helping you keep as much as possible. With a chapter seven bankruptcy, consumers are able get rid of most debts and are released from payment obligations. Under Chapter 7 Bankruptcy, the debtor receives a discharge on all dischargeable debts. There are 19 general classes of debt that are discharged under Chapter 7 Bankruptcy.
A trustee is appointed who collects all non-exempt property, sells the assets and distributes proceeds from this sale to appropriate creditors. Chapter 7 is different from other bankruptcy filings because the debtor needs not make a payment to the trustee. Before your bankruptcy can be discharged as complete, you must also attend credit counseling. A chapter seven bankruptcy takes an average of six months to complete.
