Chapter 7 of the United States Bankruptcy Code is commonly known as a liquidating bankruptcy, personal bankruptcy, straight bankruptcy, or just bankruptcy. Chapter 7 wipes out many of your debts instantly and allows you to keep limited amounts of your property.
In most cases it stops garnishments, lawsuits, and harassment permanently. It also stops repossessions and foreclosures temporarily, but in many cases, not permanently. Chapter 7 is a good solution for medical bills, credit card debts, some old taxes, and many other unsecured debts.
Chapter 7 usually takes three to five months from the date of filing to the final discharge. You can file only once in six years.
At filing, the individual provides a list of all assets and obligations. A bankruptcy trustee goes over the list and decides whether to sell any unprotected assets to pay outstanding debts. Creditors can object on several grounds, including sudden disappearance of assets and lies in the bankruptcy filing.
If you file a chapter 7 bankruptcy, you will present a list of all assets and obligations to the bankruptcy trustee. The trustee decides whether to sell any unprotected assets to pay debts. But Chapter 7 won't make all debts go away. You will still have to repay:
Ted Machi is Board Certified* in Consumer Bankruptcy law by the Texas Board of Legal Specialization. For over thirty years, he has helped the little guy in the DFW metroplex through effective, determined, professional representation.
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You should choose your attorney based on your ability to work with the attorney and the attorney's skill and knowledge in the area that you require assistance. When you meet us, you'll like us, and our skill and knowledge are matched by few DFW Bankruptcy Lawyers. When choosing your bankruptcy attorney, consider the following about Ted Machi & Associates, P.C.
Our firm has attorneys who work in areas other than bankruptcy. Our firm handles a variety of legal problems for people like yourself. If you have another legal matter, such as deceptive trade, nursing home neglect, products liability, health or auto insurance denial or questions about personal injuries, we can help