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Chapter 7
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Chapter 7 Bankruptcy

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Chapter 7, or "straight bankruptcy", is the most popular form of bankruptcy because it allows the debtor to "wipe the slate clean" and start all over again. This code is available to individuals, couples, corporations and partnerships. Discharge normally occurs within 4-6 months after filing. 

Non-exempt assets will go under the care of a trustee who liquidates them to satisfy creditors in order of their secured interests. Any wages a debtor earns is off limits to creditors who had a vested interest on the date of filing.

This code is generally used by those who lack sufficient income to cover outstanding debts after taking care of basic necessities. There are certain obligations that are not dischargeable, for example:

  • Alimony and child support

  • Back taxes and student loans 

  • Recently made purchases for substantial amounts

  • Property executed contracts involving titles or liens

Before considering chapter 7 you should take an inventory of the types of debt owed. This will give you a better idea if filing will give you the relief you seek.

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