Chapter 7 Liquidation

Consumer Bankruptcy

Consumer & Business Bankruptcy Law

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Chapter 7 Bankruptcy

Here’s What You Need to Know!

You will have to give up assets. However, there are exemptions for certain property when filing for Chapter 7 bankruptcy. This accounting will depend on the state you live in.  After filing for Chapter 7 bankruptcy, you will retain exempt assets. AND you will be forgiven most of your debts.

Chapter 7 is a good idea for people who:

  • Are in more debt than they can reasonably get out of without the assistance and protection of the bankruptcy process, and;
  • Have a family income equal to or less than the median family in their state of residence. Or they otherwise qualify for Chapter 7 under The Means Test (reach out to us for this information on the Means Test), and;
  • Understand that they might lose property, such as a home or a car; especially if they are behind in their payments on that property.

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The Insider’s Guide to Consumer Bankruptcy

Frequently asked questions

Mr. O'Leary was great to deal with. Met with him for the initial interview and he fully explained what we needed to do and what would happen, how long the bankruptcy would take once the debts were forgiven. We were very happy with him and would definitely recommend Gravis Law.

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