Chapter 7 Bankruptcy

A Chapter 7 bankruptcy allows you to discharge debt including consumer credit card debt, medical bills, many items in collection, and other unsecured debt while usually keeping all of your property. A Chapter 7 bankruptcy is chosen when a person's debts are too high to repay given their current income.

Filing a Chapter 7 bankruptcy in court automatically stops harassing phone calls from collectors. Filing also stops wage garnishments and other collection actions.

The most common reasons for filing Chapter 7 bankruptcy are divorce, illness, loss of job, personal crisis, or because of overuse of credit cards. Chapter 7 bankruptcies are by far the most common type of personal bankruptcy.

Common reasons to choose chapter 7

A Chapter 7 bankruptcy may be a better choice if one or more of the following is true:

  • Your income is low and barely covers your necessary monthly living expenses like rent and food
  • The biggest problem is credit cards or medical bills
  • You have no financial ability to repay your debts
  • You want to surrender your home or your vehicle because you can no longer afford it
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