Home

Why Choose Us?

What You Need
to Know About Bankruptcy

Myths About Bankruptcy

Using Bankruptcy to Get Your Drivers License Back in One Day!

Request a Free Consultation

Chapter 7 Bankruptcy

A bankruptcy proceeding is a complicated process. You need an experienced bankruptcy attorney to guide you through it. Attorney Richard E. Sexner is the one you can trust to competently handle your Chapter 7 bankruptcy filing.

What is a Chapter 7 Bankruptcy?

Filing a Chapter 7 bankruptcy is the most common type of bankruptcy proceeding. It is sometimes called "straight" or "liquidation" bankruptcy. It is intended primarily for people with little or no assets.

Filing a Chapter 7 bankruptcy eliminates most kinds of unsecured debt. Some examples are credit cards, medical bills, most personal loans, judgments resulting from car accidents, and deficiencies on repossessed vehicles.

Under a Chapter 7 bankruptcy filing, a bankruptcy trustee is appointed to collect your non-exempt property, sell it, and distribute the proceeds to your creditors.

This type of bankruptcy cancels most of your debts. The portion of debt that you repay will depend on the value of non-exempt assets used to pay off your debts.

You will be entitled to keep some of your property. You may be able to keep your home. You also may be able to keep your car, especially if it is necessary for you to get to work. You will not be allowed to file for a Chapter 7 Bankruptcy for the next six years.

Copyright © 2005 by Law Offices of Richard E. Sexner. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Disclaimer. Web site development by Visual Generation.