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Chapter Seven Bankruptcy Guide
How does one know the difference between filing chapter 7 and 11 bankruptcy? Filing for Chapter 7 Bankruptcy is a way for Debtors to get a "Fresh Start" and have debts eliminated. This type of Bankruptcy is also called a "Straight Bankruptcy" or "Liquidation Bankruptcy" because assets will be liquidated in order to pay off as much debt as possible. A chapter 7 attorney can help you assess the cost of filing, as well as answer important questions, such as “How to file for Chapter 7 bankruptcy”
Is Chapter 7 the Right Choice?
For debtors who are incapable of repaying debts, and eligible for chapter 7 bankruptcy, this is the most common option. Chapter 7 allows the debtor to relieve themselves of the burden associated with having a large amount of debt. 
It stops harassing phone calls from creditors, eliminates most debt, and eases the mental drain of dealing with these problems on a daily basis.
Who is Eligible for Chapter 7 Bankruptcy?
Individuals and Businesses are eligible for Chapter 7 bankruptcy given they pass a few qualifying conditions. There are also several chapter 7 exemptions. Only a qualified bankruptcy lawyer can determine if an applicant meets all the criteria to file for chapter 7 bankruptcy. Some of the conditions are listed below:
- Must pass the Means Test
- All income tax returns must have been filed
- Must complete Credit Counseling
- Must create and present Statement of Financials and Schedule
Chapter Seven Bankruptcy Topics:
- How to File Chapter Seven
- Consulting a Lawyer for Chapter 7
- Meeting of the Creditors: What to Expect
- What Happens after Bankruptcy?
- Timeline of a Chapter 7 Bankruptcy
- Is Chapter 7 Right for You?
- If you need help with filing bankruptcy, click here for a Free Case Review with a Bankruptcy Lawyer near you. The content of this website is provided for informational purposes only, and nothing here should be taken as legal advice.