The essence of Chapter 7 relief is the DISCHARGE of debts. Chapter 7 is designed for the debtor who is deeply insolvent and wants to be released from these debts in order to get a “fresh start.” Bankruptcy law allows an individual to seek a DISCHARGE once every eight years.
Most Chapter 7 debtors today are primarily concerned about burdensome credit card debts. It is not uncommon to see Chapter 7 cases for individuals that have credit card debts exceeding their annual income—sometimes double or even triple what their annual income may happen to be. For such individuals, Chapter 7 holds out the promise of gaining relief from those debts and getting a fresh economic start.
As you will see, a Chapter 7 debtor will be allow to keep (protect) some property, but not all; and the debtor must be honest and open about their property and financial dealings or else there will be bad consequences. Some decisions for Chapter 7 debtors will be difficult but important. These include which secured property to hold on to such as a home or other mortgaged real estate or a car that is necessary for work, but expensive. And there may be some debts that a debtor will not be allowed to DISCHARGE (such as student loans, some taxes, or debts incurred by bad acts.)
If you want to CONTACT US directly, fill in the form immediately below to send us a private email. Often additional information about your situation is required to provide the best advice possible. For that reason, we request permission to contact you by telephone regarding this inquiry. If you include your phone number below, we will call you as necessary. Thank you.
