Chapter 7 Overview

Chapter 7 is sometimes referred to as straight bankruptcy. It is a liquidation proceeding in which the person can keep property that is exempt. If a person meets statutory residency requirements, they may be able to keep their home and other personal property. Non-exempt property is surrendered to a trustee and potentially sold to pay off debt to creditors. A discharge of debt (cancellation) in this type of bankruptcy usually takes around 4 months. Skip will work with you to complete a bankruptcy evaluation form to get to know your specific financial situation and help you make an informed decision. He can continue to work with you to rebuild your credit after you have been discharged and will offer advice on how to proceed throughout every step in the Chapter 7 filing process.