Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most basic form of bankruptcy filing for individuals and businesses.

 

In a Chapter 7 bankruptcy, the individual debtor(s) are allowed to keep certain exempt property.  The value of property that can be claimed as exempt varies from state to state.  Un-exempt assets, if any, are sold (liquidated) by the Chapter 7 Trustee and the proceeds are used to repay the debtor(s) creditors.

 

For most clients, their assets tend to be fully exempt from liquidation by the Trustee.

Most unsecured debts (i.e. credit cards) are discharged upon receipt of a chapter 7 discharge.  This means that your unsecured debt obligations may be discharged (eliminated) without you loosing your home, vehicle, qualified retirement or other assets.

 

The bankruptcy attorneys at the Law Offices of Anthony B. Vigil, APC are well versed and highly experienced in Chapter 7 bankruptcy filings.  Contact us today to schedule a free consultation to review your financial situation and receive a recommendation from an attorney for a solution to your financial troubles.

 

 

 

 

 

“…your unsecured debt may be eliminated without losing your home, vehicle, or other assets.”