In a Nutshell, Chapter 7 Bankruptcy, also known as the ‘fresh start’ bankruptcy, is a common legal process that allows you to totally erase many debts, including credit card debt, medical debt, car loans, and payday loan.
This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Chapter 7 Bankruptcy FAQ
What types of debts does Chapter 7 allow you to wipe out?
Chapter 7 will help you wipe the slate clean by eliminating the following types of debts:
Credit cards and store cards.
Bank loans and lines of credit.
Large medical bills.
Certain tax obligations.
What types of debts does Chapter 7 not allow to be eliminated?
Chapter 7 bankruptcy does not allow for the discharge of non-dischargeable obligations such as:
Child and spousal support.
Federal income taxes.
How do I qualify for Chapter 7 in Florida?
How do I file Chapter 7 bankruptcy with no money?
How much does Chapter 7 Bankruptcy cost in Florida?
Can Chapter 7 be denied?
What is the income cut off for Chapter 7?
What happens to your bank account when you file Chapter 7?
How much debt do you have to have to file Chapter 7?
What can you not do after filing Chapter 7?
Can I keep my car in Chapter 7?
Can I keep my cell phone in Chapter 7?
Can you keep your house and car when filing Chapter 7?
Can I keep 2 cars in Chapter 7?
Will I lose my furniture in Chapter 7?
What assets are protected in Chapter 7?
Do I have to list all my creditors in Chapter 7?
Can you add creditors after filing Chapter 7?
Can creditors collect after Chapter 7 is filed?
Can I keep credit cards in Chapter 7?
Do you make payments on Chapter 7?
Can I take a vacation while in Chapter 7?
Does Chapter 7 wipe out all debt?
Does Chapter 7 trustee check your bank account?
How much will credit score increase after Chapter 7 falls off?