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Chapter 7 Bankruptcy
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Chapter 7 bankruptcy, also called liquidation bankruptcy, is the most popular type of consumer bankruptcy. In Chapter 7 you get rid of most or all of your debts. In exchange, the bankruptcy trustee sells off some of your property to pay your unsecured credtiors. Because the trustee cannot take any property that is exempt by law, many debtors end up keeping all or the majority of their property.
You cannot make up missed payments on secured debts in Chapter 7, so if you're behind on your mortgage payments you may still lose your home. And some debts are not discharged (wiped out) by Chapter 7, such as child support debts and most student loans. Still, for many people Chapter 7 is an excellent way to wipe the slate clean and start fresh.
Below you will find overview articles explaining how Chapter 7 works, as well as links to more in-depth information on various Chapter 7 issues.
Chapter 7 Bankruptcy Basics
Learn how Chapter 7 bankruptcy works and what it can and cannot do.
Start here to get an overview of how Chapter 7 works.
Steps in a typical Chapter 7 bankruptcy case.
No asset Chapter 7 bankruptcy cases are common. Here's what they are.
Liquidation bankruptcy is another name for Chapter 7 bankruptcy.
Learn about the differences between the two, and which might be better for you.
Learn the difference between voluntary and involuntary bankruptcies.
2005 brought big changes to bankruptcy law. Read about them here.
More Chapter 7 Bankruptcy Topics
Go to these topic areas for more information on Chapter 7 bankruptcy.
Articles on what happens to your secured and unsecured debts, how to handle particular debts (like your mortgage or car loan), and more.
Learn about secured and unsecured property in Chapter 7, how exemptions can protect your property, what happens to your home and car, and more.
Learn about the means test and other eligibility criteria for Chapter 7.
Learn how exemptions work in Chapter 7, which exemptions you can use, how federal bankruptcy and nonbankruptcy exemptions fit in, and more.
Here you'll find articles on the steps in a Chapter 7 case, the creditors meeting, bankruptcy's automatic stay, the trustee, and more.
Common Questions About Chapter 7 Bankruptcy
Nolo's Chapter 7 Bankruptcy Books
Get do-it-yourself help from Nolo.
How to File for Chapter 7 Bankruptcy
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.
Bankruptcy for Small Business Owners: How to File for Chapter 7
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.
The New Bankruptcy: Will It Work for You?
Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in this book by best-selling author Stephen Elias.
Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in this book by best-selling author Stephen Elias.
The content of this website is provided for informational purposes only, and should not be construed as legal advice. Always consult with an attorney regarding any legal issues. If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.
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