Sterling Bankruptcy Center

Chapter 7 Bankruptcy Facts

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is designed to wipe out unsecured debts such as credit card, medical, personal loans, judgments, etc. It allows you to obtain a fresh financial start. Chapter 7 bankruptcy will stop all collection activities including law suits, garnishments and collection calls.

Most people can keep their car and home, but they must continue making the monthly payments provided you can exempt the equity in your property. Under the bankruptcy code, you are allowed exemptions that allow most people to keep all of their property.

Chapter 7 Eliminates

Chapter 7 Bankruptcy

Credit Card Debt
Medical Bills
Personal Loans
Law Suit Debts
Judgments unless there is fraud or criminal involved
Deficiencies in repossessed cars, mortgages, etc.
Personal Injury Liability related to DUI, Criminal Activity or Maliciously Caused By You.
Some Tax Debt.

What You Can Keep

Chapter 7 Bankruptcy

What You Can Keep

Chapter 7 Bankruptcy allows you to keep certain assets, having up to a set amount of equity or value. Most people can keep the following:

Home
Car
IRA, Pension, 401K, 403b and other Retirement Accounts
Cash Value in Life Insurance
Furniture
Jewelry
Tools of the Trade
Household Goods
Clothing
Pets
IRA

More Information on Chapter 7 Bankruptcy

What You Cannot Discharge In Chapter 7 Bankruptcy

Child Support
Spousal Support
Student Loans
Taxes Filed and Assessed Within 3 Years of Filing
Liens, However, You Will No Longer Have Personal Liability For The Debt.
Obligations Arising From Fraud, Criminal Acts, Intentional Injuries to Others, Restitution.

Chapter 7 Bankruptcy Timeline

What You Cannot Discharge In Chapter 7 Bankruptcy

You will fill out Sterling Bankruptcy Center's Client Financial Intake Form and schedule an appointment with one of our leading bankruptcy attorneys for a free consultation.
Gather documents required by the court to prove your assets such as pay stubs, bank statements, IRA statements, deed and mortgage, etc.
Janet Ziulkowski and the attorneys at Sterling Bankrutpcy Center will prepare your bankruptcy documents and you will review for filing with the court.
Between 21 & 45 days after filing, you will attend a 341 hearing. The Trustee appointed in your case will ask you questions about the information on your petition and schedules. Creditors my also ask you questions, they will not appear.
No less than 61 days after your 314, you will receive your Chapter 7 bankruptcy discharge, unless a creditor files a complaint against you for fraud, intentional injury or some other non-dischargeable event.