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Chapter 7 Bankruptcy: An Overview
Chapter 7 bankruptcy is sometimes called “liquidation” bankruptcy—it cancels most types of debt, but you have to let the bankruptcy trustee liquidate (sell) your nonexempt property for the benefit of your creditors. Most people who use Chapter 7 get to keep all their property, but some states are more generous than others in this regard.
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The majority of people who file for Chapter 7 bankruptcy have what is often referred to as no-asset Chapter 7 bankruptcy cases. In a no-asset Chapter 7 case, you don't have any property that the bankruptcy trustee can take and sell in order to repay your creditors. Yours can be a no-asset Chapter 7 even
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Debts That Are Discharged in Chapter 7 Bankruptcy
Certain types of debts will be discharged—that is, you will no longer be responsible for repaying them—when you receive your Chapter 7 bankruptcy discharge.
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Keeping a Credit Card in Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, can you keep a credit card so you can use it afterward? While it generally is not a good idea to keep a credit card in Chapter 7 bankruptcy, in most cases you can do it.
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How Is Income From Child Support Treated in Chapter 7 Bankruptcy?
If you file for Chapter 7 bankruptcy and receive child support, you may be concerned about losing ongoing child support payments, payments you received before you filed for Chapter 7 bankruptcy, or child support arrears.
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Lifting the Automatic Stay in Chapter 7 Cases
One of the most attractive consequences of filing a bankruptcy petition is the automatic stay. In a previous article, I discussed the importance of the automatic stay in bankruptcy. As I wrote...
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When Is Chapter 7 Bankruptcy Better Than Chapter 13?
If you are considering bankruptcy, usually the two main options are Chapter 7 and Chapter 13 bankruptcy. There are pros and cons to each type, but in some situations Chapter 7 is the better choice. And in others, Chapter 7 is the only choice.
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Can a HELOC be discharged in bankruptcy?
Can a HELOC be discharged in bankruptcy?