Chapter 7 bankruptcy is the most common type of bankruptcy that people file. Understanding the basics of this type of bankruptcy is important so that anyone who is considering filing bankruptcy can make an educated decision on Chapter 7 that will be best for their situation.
People most commonly file Chapter 7 because it is relatively easy to qualify for and is the quickest type of bankruptcy. In this type of bankruptcy the debtor is required to give up any non-exempt assets. The bankruptcy court will take those assets and sell them and split the proceeds between the creditor's debtor's, but with a good attorney most people are able to keep most of their assets.
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After that step the debtor will attend a 341 hearing with his or her attorney to meet with a trustee of the court. After this meeting the debtor will be given a discharge of any eligible remaining debt. Some of the most common types of debts discharged in Chapter 7 bankruptcy are:
-Credit Card Debt
-Personal Loans
-Medical Bills
-Car Accident Claims
The length of filing bankruptcy varies for each type of bankruptcy but with Chapter 7 it can be as quick as four month but normally takes about six months. After the bankruptcy process is complete the person filing bankruptcy no longer must pay the debts that the court discharged.
While these are the basics of Chapter 7 Bankruptcy there are still many other aspects and details that need attention. Please consult with a legal professional before making and decisions about bankruptcy.
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