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Chapter 7 Bankruptcy

Chapter 7 is one way we can help.

Also known as complete liquidation or “straight” bankruptcy, a Chapter 7 bankruptcy allows businesses and individuals to surrender non-exempt property and eliminate debt. Harassing creditors stop contacting you as soon as you file.

When you file a Chapter 7 bankruptcy, a Trustee is assigned to your case to liquidate non-exempt property, while you keep exempt property. Most Chapter 7 cases are no asset cases, in which debts are eliminated without repayment.

According to federal bankruptcy laws, you can receive a discharge of most debt not secured by property, such as credit card debt, medical bills, and many types of business debt. “Secured” debt can also be eliminated, but the collateral—the house, property, or car—may be reclaimed by creditors or sold by the Trustee.

Some types of debt cannot typically be discharged through a Chapter 7 personal bankruptcy, including student loans, trust fund taxes, recent income taxes, and child or spousal support. It is important to contact our Louisville consumer bankruptcy attorneys to design a debt relief plan suited to your particular situation.

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