CHAPTER 7 BANKRUPTCY

What is Chapter 7 Bankruptcy?

Chapter 7, bankruptcy is the most common form of bankruptcy filed. To see if you qualify, you will be asked to take a means test, a budget analysis, and an asset analysis. These tests verify how much money was made in the past six months, what your estimated income and expenses will be, and how much property you own.

Chapter 7 Bankruptcy Paper — St. Joseph, MI ─ Armstrong, Betker, & Schaeffer PLC

Chapter 7 Bankruptcy FAQs

Is Chapter 7 Right for Me?

Economic hardships can fall on anyone at any time. Armstrong Betker Schaeffer and Neal, PLC is here to help get you back on your feet. If you are struggling to make payments or are being sued by your creditors, filing bankruptcy may be the right option for you. Contact our office today for more information on Chapter 7 bankruptcy
What Can Be Wiped Out?

Once you have been approved for bankruptcy, your Chapter 7 case will wipe out most of your unsecured debts. Credit cards, utility bills, medical bills, and payday loans are common examples of the unsecured debts that can be discharged. While many bills can be settled in this bankruptcy, there are, however, some that cannot.
What Cannot Be Wiped Out?

In general, alimony and child support obligations, debts assigned to you according to a term judgment of divorce, most tax debt, student loan debt, court costs, court fines, and criminal restitution.