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Chapter 7 Bankruptcy: An Overview
Learn the basics of how Chapter 7 bankruptcy works and what happens to your debts and property.
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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?