As bills pile and debt mounts, you may feel lost in a sea of financial hardship; however, there is hope. Bankruptcy is an option that gives you a fresh start by discharging your debt, and Chapter 7 bankruptcy may be the most advantageous option for individuals who qualify.

What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is intended for individuals who are in need of debt relief and a life renewal. The following are some of the most basic, important facts about Chapter 7 bankruptcy that anyone considering bankruptcy should discuss with an attorney:chapter 7 bankruptcy

  • Most common type of bankruptcy
  • Known as liquidation bankruptcy 
    • Liquidate non-exempt assets in exchange for the discharge of your debt
  • Means test results should be negative or zero to qualify
  • Can eliminate most, if not all, of your debt
    • Exclusions include child support, spousal support, student loans, and some taxes
  • Allows you to keep your non-exempt assets
  • Process takes approximately 100 days from the date your case is filed to discharge

If you are overwhelmed by debt and need a fresh start, Chapter 7 bankruptcy may be your answer. For all of your questions and concerns, it is best to consult an experienced bankruptcy firm like that of Delilah Hanberry, PLLC. Your attorney can guide you through the process, explain each step, and stand by your side from filing to discharge.