Personal Chapter 7 Bankruptcy - the least that you need to know
Saturday, January 22, 2011 at 03:28PM Within the realm of bankruptcy law, Chapter 7 cases are probably still considered to be the 'classic bankruptcy' or 'total bankruptcy'. The gist of the filing a chapter 7 case is that you list all of your assets, debts, income and expenses and, if all goes as planned, the United States Bankruptcy Court will discharge the debts that you wish to have discharged.
Yes, you can keep and maintain certain kinds of debts while going through a chapter 7 case. Automobile loans are very commonly reaffirmed. Mortgages are also very commonly reaffirmed. There may be a hearing required by the Court to approve the keeping of these kinds of debts.
No, unless certain circumstances apply to you, you generally will not be able to discharge student loan debt, domestic support obligations and some kinds of taxes.
Yes, there are exemptions that apply to most classes of personal property. These exemptions enable you to know what property you can keep during the chapter 7 process.
We have significant experience in handling chapter 7 cases for individuals. Regardless of the complexity of your individual situation, we can find a solution that makes sense for you.