Chapter 7 Bankruptcy Basics
Chapter 7 Bankruptcy Basics
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How to File for Chapter 7 Bankruptcy
Chapter 7 "discharges" or erases qualifying debt without you directly repaying creditors. Instead, the bankruptcy trustee sells unneeded luxury property and uses the funds to repay creditors. Learn more about the process.
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Which Type of Bankruptcy Should You File?
Learn about the benefits and limitations of each bankruptcy. The chart illustrating the primary differences between Chapters 7 and 13 is designed to help you choose the right bankruptcy chapter for you.
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Chapter 7 Bankruptcy for a Small Business
Chapter 7 is rarely used to wind down a struggling small business's operations. Learn why it's more common for a small business owner to file for personal Chapter 7 after a business closure to get out from under business debt.
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What Is a "No Asset" Chapter 7 Bankruptcy Case?
No asset Chapter 7 bankruptcy cases are common and simple. In a no asset Chapter 7 bankruptcy case, you keep your property and your creditors get nothing. Learn what an asset case is and how to file asset and no asset cases.
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What Is Liquidation Bankruptcy?
Liquidation bankruptcy, or Chapter 7 bankruptcy, is the most common form of bankruptcy for individuals.
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The Chapter 7 Bankruptcy Means Test
Not everyone can erase debts in Chapter 7 bankruptcy. Find out how to pass the means test and qualify for a Chapter 7 bankruptcy discharge.
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Who Is Exempt From Taking the Bankruptcy Means Test?
Find out who is exempt from the Chapter 7 means test and how to verify the exemption by completing the Statement of Exemption from Presumption of Abuse Under §707(b)(2) form.
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Qualifying for Chapter 7 Bankruptcy if Your Income Is High
Filers whose income is higher than the state median will qualify for Chapter 7 bankruptcy if, after deducting allowed expenses, insufficient income remains to make reasonable creditor payments through a Chapter 13 repayment plan.
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Medical Bankruptcies: How to Get Rid of Medical Debt
Learn how to wipe out medical debt in bankruptcy.
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Understanding Secured, Unsecured, and Priority Debts in Bankruptcy
Whether a debt is secured, unsecured, or priority determines whether a creditor will get paid. Understanding debt types will help you correctly complete bankruptcy paperwork and know who you must pay after Chapter 7 or in a Chapter 13 plan.
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Redeeming v. Reaffirming Debt to Keep Property in Bankruptcy
Learn the differences between redeeming property and reaffirming debt in Chapter 7 bankruptcy.
