Chapter 7

A Chapter 7 Bankruptcy provides the qualified Debtor with a "fresh start".  With some exceptions all unsecured debt is discharged. There are certain debts that can not be discharged.  In a Chapter 7 the Debtor can surrender secured assets and have that secured debts discharged as well.  Under certain circumstances a Debtor may choose to keep secured assets and reaffirm the debt with the creditor.  For example you want to keep your house and continue making your mortgage payments.

As with a Chapter 13, a Trustee is appointed by the Court and is vested with many powers and obligations, including the obligation to determine if there is any property which can be liquidated in order to pay all or part of the unsecured debts.  The decision to enter into Chapter 7 should not be taken lightly.  Chapter 7 Bankruptcy provides many benefits, but there are potential pitfalls as well. 

Call or email Purple Law Firm to schedule a consultation.  Our team will work with you to determine your needs, determine if you qualify for a Chapter 7, and to help you  make the necessary decisions. 

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The contents of this page are for general informational purposes and is not intended as legal advice, nor does it establish an attorney-client relationship.  To receive legal advice from Purple Law Firm,  call or email for an appointment with one of our Chapter 7 bankruptcy  attorneys.

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