Chapter 7 Bankruptcy

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Chapter 7 bankruptcy is often called liquidation bankruptcy because you wipe out all (or most) of your debts and in return the bankruptcy trustee liquidates your property to pay your creditors. However, because the trustee cannot take exempt property (property that state or federal bankruptcy law decrees as protected), most Chapter 7 bankruptcy filers keep all or most of their property.

In 2005 Congress changed bankruptcy law so that not everyone qualifies for Chapter 7 bankruptcy. If you earn more than the median income in your state, you’ll have to take something called the “means test” to see if you are eligible for Chapter 7.

Even if you do qualify, Chapter 7 isn’t the best option for everyone. If you have lots of equity in your home, the trustee may sell it. And if you are behind in mortgage payments or your car loan note, Chapter 7 bankruptcy is not usually the best way to save your home or car.  

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You should not send any sensitive or confidential information through this site. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties.

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