The most common form of personal bankruptcy learn who qualifies, what debts get discharged, what assets you can keep, and how long the process takes.
Chapter 7 bankruptcy eliminates most unsecured debts in 3–6 months through a court-supervised liquidation process under 11 U.S.C. Chapter 7, while Chapter 13 bankruptcy lets you keep your property and catch up on missed payments through a court-approved 3–5 year repayment plan under 11 U.S.C. Chapter 13. The biggest difference between Chapter 7 and Chapter…
You can file Chapter 7 bankruptcy with no money by applying to waive the $338 court filing fee, seeking free legal help through legal aid or pro bono attorneys, and requesting reduced or waived fees for required credit counseling — all under federal law. In many cases, you can file Chapter 7 bankruptcy with little…
To qualify for Chapter 7 bankruptcy, you must pass the means test — a federal income formula under 11 U.S.C. § 707(b) — complete approved credit counseling within 180 days before filing, and meet prior-filing waiting period rules under 11 U.S.C. § 727(a)(8). Almost all filers must have earnings low enough to pass the means…
You can file Chapter 7 bankruptcy more than once, but federal law bars you from receiving a second discharge for at least eight years after your first filing date under 11 U.S.C. § 727(a)(8). There is no limit on how many times you can file a bankruptcy case in your lifetime. The frequency of your…
Chapter 7 bankruptcy means a federal court legally eliminates most of your unsecured debts — credit cards, medical bills, personal loans — without requiring you to repay them, under Chapter 7 of Title 11 of the U.S. Bankruptcy Code. As stated in the 1915 U.S. Supreme Court case of Williams v. U.S. Fidelity & Guaranty…
Chapter 7 bankruptcy is a federal legal process that wipes out most unsecured debts — credit card balances, medical bills, personal loans — through a court-supervised case governed by Title 11 of the U.S. Bankruptcy Code. It is available to individuals who cannot make regular monthly payments toward their debts, and it provides relief regardless…
In Chapter 7 bankruptcy, you generally must surrender your vehicle within 45 days of your 341 meeting of creditors — the court-ordered hearing where a trustee reviews your finances — under 11 U.S.C. § 521 of the U.S. Bankruptcy Code. If you have not redeemed the vehicle or entered into a reaffirmation agreement with your…