Chapter Seven Bankruptcy Information
Chapter 7 bankrutpcy helps people who do not have the ability to pay their existing debts. Clients may claim certain property exempt or protected from being placed in possession of the Chapter 7 Trustee. Property purchased with a securtiy interest may be retained under most circumstances. All other debts are discharged after completion of the plan period except alimony and support, student loans and certain other types of deb (11 U.S.C. 527a1)
Sometimes called a “straight”, “complete” or "liquidation" bankruptcy, chapter 7 is a liquidation proceeding. The debtor receives a discharge of all dischargeable debts usually within four months. You may be able to keep your personal items and real estate, depending on how much equity you have in those items. You must be up-to-date on payments for any secured debt in which you would like to keep the collateral (home, automobiles, finance company loans, etc.)
For Chapter 13 Information Click here: Chapter Thirteen