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If you are being crippled by high credit card debt, personal loans, payday loans or medical bills, Chapter 7 may be a way for you to rid yourself of those debts. Also known as “liquidation,” “debt wipe-out” or “fresh start,” Chapter 7 cases are typically resolved 4 months after the filing date. You will receive a Bankruptcy Discharge and your obligation to pay the discharged debts will be over.
Chapter 7 Bankruptcy is typically reserved for those Debtors who cannot pay back a portion of their debt. In order to determine whether a person qualifies, they must pass the "Means Test" and show that they are making less than the median income for a household of their size. Together, we will determine if you qualify and whether filing Chapter 7 is the best option for you.
The main advantages of Chapter 7 Bankruptcy is that it eliminates a massive amount of your debt in a short amount of time. Chapter 7 Bankruptcy is a relatively quick and straightforward process, that generally takes a four months from start to finish. By filing Chapter 7 Bankruptcy, you can do the following: