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.