Chapter 7 Bankruptcy

With most exceptions, through a Chapter 7 you can eliminate certain debts such as the most common ones:

• credit card debt
• medical bills
• cell phone bills
• loans from banks and credit unions
• civil judgments
• loan deficiency as a result of surrendering a home or a vehicle

You can also stop garnishment of your wages from most creditors once your bankruptcy case is filed.

However, particular debts are not eliminated (discharged) in a Chapter 7. These include, but are not limited to:

• domestic support / child support and property settlement obligations
• most fines, penalties, forfeitures, and criminal restitution obligations
• debts incurred to pay non-dischargeable taxes
• certain other types of debts specifically excepted from discharge by the Bankruptcy Code

However, even with Chapter 7 discharge, you may still be responsible to pay taxes and student loans.

Additionally, most people are able to keep the property they own. Under Chapter 7, you may claim certain of your property as exempt. But there are limits depending on the type of property and the exemption (state or federal) for which you qualify.

A debt relief Agency Helping People File For Bankruptcy Under The Bankruptcy Code
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