Chapter 7 Bankruptcy Information
Understanding Chapter 7 bankruptcy and how it can help you achieve financial freedom
Chapter 7 Bankruptcy Overview
Chapter 7 bankruptcy is the simplest and most common form of bankruptcy
Key Benefits of Chapter 7
- Chapter 7 bankruptcy will stop harassing phone calls and garnishments immediately
- The process typically takes 3-6 months to complete
- Eliminates most unsecured debts like credit cards, medical bills, and personal loans
Important Considerations
Few thoughts to keep in mind when faced with financial difficulties and considering Chapter 7 bankruptcy protection:
- • Chapter 7 bankruptcy is not available to everyone
- • Your assets may not be protected by the filing of Chapter 7
- • Chapter 7 bankruptcy may not be an effective tool for stopping foreclosures or repossessions
- • Some high earners may not qualify for Chapter 7 if the debts are primarily consumer debts
Debts That May Survive Chapter 7
Certain debts may survive a Chapter 7 bankruptcy such as:
- • Priority taxes
- • Family support obligations
- • Student loans
- • Liens and debts reaffirmed
Filing Chapter 7 Bankruptcy
The new bankruptcy laws created in 2005 made specific guidelines and criteria for a successful Chapter 7 bankruptcy. If you do not meet the Chapter 7 bankruptcy guidelines and requirements, you may still be able to benefit from the relief provided under Chapter 13 bankruptcy.
A knowledgeable and experienced bankruptcy attorney can help you determine the right option for your specific financial situation and goals, in light of the current eligibility restrictions.
Restrictions That Could Prevent Chapter 7 Filing
- Previous Chapter 7 Discharge in the immediate 8 years
- Previous Bankruptcy Dismissal within the past 180 days for failure to follow a court order, abuse of the bankruptcy system, voluntary dismissal of a proceeding after a creditor's request for relief from the protection from Chapter 13
Good News: Even if you can't find protection in Chapter 7, you may still be able to file for Chapter 13 bankruptcy and benefit from the protections afforded by the bankruptcy laws.
Expert Guidance from Attorney Marie Guerrier Allen
Attorney Marie Guerrier Allen, JD, LLM, MBA has helped thousands of people navigate the complicated bankruptcy laws, rules, and procedures to find relief for their specific financial situation.
Over 30 Years Experience
Since 1993, Attorney Allen has been helping individuals and families find financial freedom through expert bankruptcy guidance.
Compassionate Approach
As a Christian attorney, Attorney Allen provides non-judgmental, compassionate legal guidance focused on your financial freedom.