Chapter 7 Bankruptcy

Steps for Filing Chapter 7

Chapter 7 bankruptcy, often referred to as “straight bankruptcy” or “liquidation bankruptcy”, is the most commonly filed bankruptcy case. It will allow your qualifying debt, which includes credit cards, medical bills, etc., to be wiped out giving you a fresh start free of the harassing phone calls of bill collectors.

In Chapter 7 bankruptcy there is no repayment required, your non-exempt property will be turned over to the bankruptcy trustee, who will liquidate, or sell it, to pay your creditors.

Since Federal and State laws allow for some property and possessions to be exempt from the bankruptcy process, most persons who file a Chapter 7 bankruptcy have no possessions or property to turn over to the bankruptcy trustee.

Here we will provide a brief description of the Chapter 7 bankruptcy process. A Bankruptcy Lawyer can better help guide you through and explain the Chapter 7 bankruptcy process, and what property is exempted from the bankruptcy estate.

In most Chapter 7 bankruptcy cases, you will have one meeting with the bankruptcy trustee where the trustee and any creditor you have may ask questions about your bankruptcy petition. It is rare for a creditor to show up to this meeting, but it has been known to happen. Most of the questions in this meeting will focus on income and assets. The meeting is generally handled by your attorney and a representative of the trustee, although you are required to appear.

It is understandable that you would be anxious and fearful of the meeting, but you should not be. It is an informal meeting where the bankruptcy trustee reviews the petition and allows your creditors a chance to speak up about any objections they may have.

Once you have attended the meeting, just keep your address current with the bankruptcy court and wait to receive your discharge in the mail. The entire process usually takes less than four months to complete.


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