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What is a Chapter 7 Bankruptcy


Chapter 7 is the most frequently used chapter because it involves the complete liquidation of a debtor’s property, with the proceeds used to pay off the debts. However, the debtor can retain certain exempt property under Federal law and/or State law, such as tools of one’s trade, limited equity in a car and house, and some personal effects. If you use Chapter 7 you may lose your home (depending on your state) but it does enable you to get out from under the burden of debt more quickly.

If you have any questions that were not answered here, please contact us for a free consultation.

Matthew Mazur, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Copyright 2015 Matthew Mazur, P.A.

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