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Chapter 7

Bankruptcy Chapter 7 Debt

If you have large amounts of unsecured debt, Chapter 7 bankruptcy can eliminate it entirely, but at a cost that you may not want to pay.  In Chapter 7 bankruptcy, non-exempt property is sold (liquidated) and the proceeds are distributed to the creditors.  In most Chapter 7 cases however, property is exempt so a person can keep their few assets.  A person filing for Chapter 7 bankruptcy can have a financial fresh start in as little as four months and creditors can no longer harass you.  

Chapter 7 eligibility typically requires that you earn less than the median income for a family of your size in your state. You must also pass a "means test" which determines if you have enough disposable income to repay at least some of your debts within the next five years.  If it is determined that you do,you may be able to apply for Chapter 13 bankruptcy, rather than Chapter 7.

Chapter 7 bankruptcy is a legal process and bankruptcy laws require consumers to attend Consumer Credit Counseling Services prior to filing.  Filing for Chapter 7 bankruptcy because of credit card debt is something you should avoid if at all possible. It will destroy your credit rating, stay on your credit report for 10 years and even after that you will continue to have to disclose your bankruptcy history on credit applications such as mortgages and car loans.  While declaring bankruptcy may seem like a quick fix, the fact is the consequences are serious and long term.

Don't File for Chapter 7 Bankruptcy. Let Us Settle Your Debts Instead.

Avoid personal bankruptcy and learn more about our debt settlement services. Request your FREE consultation by filling out our form or call 1 (888) DEBT – 530 (332-8530).  Don't wait.  Contact us now to find out how our consumer debt relief programs can help you regain control of your financial future.

Debts We Can Settle
  • Credit cards
  • Unsecured loans, personal loans, or lines of credit
  • Medical bills
  • Collections or repossessions
  • Business Debts

Debts We Can't Settle
  • Lawsuits
  • IRS debt or back taxes
  • Utility bills
  • Auto loans, government loans, or student loans
  • Mortgages or home loans
  • Other secured debts