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Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy. In a Chapter 7 bankruptcy, a court-appointed trustee sells any assets the debtor has, if any, and distributes the proceeds to creditors in an order of priority established in the bankruptcy code. However, certain assets that are for day-to-day living can be classified exempt. After this, the debts are wiped clean, and the individual has a “fresh start.” To qualify for a Chapter 7 bankruptcy, an individual must pass a means test. The means test is supposed to keep high earners with high consumer debt from filing for Chapter 7 bankruptcy.

Our Customers

Documents You’ll Need
Please have the following documents ready in digital format.
  • Government Issued ID(i.e. drivers license, passport)
  • Professional License
  • Business License
  • Address Verification (i.e. utility bill, lease)