Chapter 7 Filing Lawyer

Get Professional Guidance for Your Chapter 7 Bankruptcy Filing

In Chapter 7, liquidation bankruptcy, the bankruptcy court forgives most debts that are not secured by assets or property, such as your house or car. Additionally, you are allowed to retain certain "exempt assets." The allowable exemptions are very generous, and in most cases, you will get to keep all of your property. However, under Chapter 7, a court-appointed trustee may take possession of your nonexempt property, arrange for its sale or liquidation, and is responsible for paying as many of your debts as possible with the proceeds. Please note that not all debts can be erased by filing for bankruptcy.

What Debts Get Wiped Out in Bankruptcy?

In Chapter 7 bankruptcy, you can wipe out all debts except:

• Child support, alimony, fines, property settlements, criminal restitution, and some taxes
• Debts not listed in your bankruptcy
• Loans or debts incurred by fraud
• Debts resulting from willful and malicious harm
• Student loans
• Debts for death or personal injury caused while driving intoxicated
• Debts incurred to pay taxes

Some of these debts can be wiped out in a Chapter 13 bankruptcy.

What Can You Keep When Filing for Bankruptcy?

In most cases, you can keep everything! With either Chapter 7 or Chapter 13, the law allows you to keep certain in exempt property, such as:

• Homestead - Property you own and occupy, up to $75,000
• Insurance - Homeowners insurance proceeds up to $75,000, disability benefits, life insurance proceeds (if clause prohibits proceeds from being used to pay beneficiary's creditors)
• Pensions - Tax-exempt retirement accounts including 401(k)s, 403(b)s, SEP, and SIMPLE IRAs
• Personal property - Mobile homes up to $30,000, tangible personal property up to $10,000 in individual bankruptcy or up to $20,000 in joint bankruptcy
• Public benefits - Federal income tax refunds up to $5,000, state income tax refunds up to $5,000, social security, unemployment, workers' compensation, assistance to the disabled

This is not a comprehensive list. Other items may also be exempt. Schedule a consultation with Smith & Choudoir Law to learn more.

What Debts Get Wiped Out in Bankruptcy

In Chapter 7 bankruptcy, you can wipe out all debts except:

• Child support, alimony, fines, property settlements, criminal restitution, and some taxes
• Debts that are not listed in your bankruptcy
• Loans or debts incurred by fraud
• Debts resulting from willful and malicious harm
• Student loans
• Debts for death or personal injury caused while driving intoxicated
• Debts incurred to pay taxes

Some of these debts can be wiped out in a Chapter 13 bankruptcy.

Take Action Towards Financial Recovery

Financial stability is within reach, and Smith & Choudoir Law is here to help you achieve it. Our experienced bankruptcy attorneys are ready to provide the guidance and support you need to navigate the complexities of bankruptcy law. Whether you're considering Chapter 7 or Chapter 13 bankruptcy, our team will work diligently to create a personalized strategy that addresses your unique financial situation. Don't let debt control your life any longer – take the first step towards financial freedom by requesting a FREE consultation with Smith & Choudoir Law today.

The content of this page is not intended to be a source of legal advice. You should not rely on the intonation provided herein as legal advice for any purpose. You should consult an attorney for individual advice concerning your own situation. FREE BACKGROUND INFORMATION AVAILABLE UPON REQUEST.

We are a debt relief agency. We assist individuals and businesses to seek relief under the U.S. Bankruptcy Code.