Bankruptcy FAQ – What is a Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a section of the United States Bankruptcy Code that deals with debt elimination and liquidation. In a Chapter 7, you may be able to protect all your assets, including but not limited to your home and personal property up to certain dollar amounts depending on the property. About 20-40 days after filing, clients must attend a meeting of creditors where testimony is taken by the trustee appointed by the bankruptcy court to administer your case. Approximately 90-110 days after your meeting of creditors, clients receive a discharge, which releases a debtor from all dischargeable debts and orders creditors to forever stop their attempts to collect the discharged debts. When a debt is discharged, an individual is forever relieved of the obligation to pay that debt. Please be advised, not all debts are dischargeable. Non-discharged include certain taxes, alimony, child support, student loans, criminal restitution, debts that have not been listed in the Chapter 7petitio
