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Defining Chapter 7 Bankruptcy

Get a Fresh Start!

A Chapter 7 bankruptcy is often referred to as a "straight bankruptcy" or a "fresh start bankruptcy" as it eliminates all qualifying debt, allowing you to completely start over. This is in comparison to the type of bankruptcy involved in a chapter 13, which still involves payment of a percentage of outstanding balances. The types of debts covered by a Chapter 7 include personal loans, credit cards, medical bills, repossession deficiencies, amounts owed as a result of certain lawsuits and court judgments. In some cases, income taxes more than three years old may also be included. Debts not usually covered include most other taxes, alimony and support payments, fines, money obtained illegally and student loans, except in cases of undue hardship.

If you are continuing to struggle with unpaid debt, overdue bills and more, the time to take action is now, before the situation worsens and you face repossession, wage garnishment or the need for foreclosure defense. Their legal team can help you determine if you qualify and if this action will be the most advantageous for you, based on your personal financial situation. If so, your legal counsel can guide you through the entire process and ensure your rights and financial interests are protected along the way.

Do I qualify for chapter 7 bankruptcy?

Unlike chapter 13 bankruptcy, which is only available to individuals, chapter 7 bankruptcy is available to individuals, partnerships, corporations and businesses. You may not qualify for chapter 7 bankruptcy if any of the following have occurred in the past 180 days:

  • You willfully failed to appear in court
  • You failed to comply with court orders
  • You voluntarily dismissed a previous bankruptcy case

Before filing, the U.S. Courts require that you receive credit counseling from a legitimate credit counseling agency within the past 180 days. Counseling may be an individual or group session. Sometimes, the United States Courts allows exception to these rules. However, an exception will only be granted if a U.S. trustee or bankruptcy administrator deems the exception valid and necessary. Chapter 7 bankruptcy, along with chapter 13 bankruptcy, is designed to give honest people a fresh financial start. If you are facing serious financial hardship, talk to an attorney from the Price Law Group. We can help you understand your financial situation and legal rights.

Help With the Filing Process

An attorney from Price Law Group can help you with all of your questions and concerns about bankruptcy and deciding if this is the right step for you. With 20 years in practice and having assisted over 100,000 individuals in successfully eliminating their debts, they have the knowledge and experience necessary to be of real help. As members of the National Association of Consumer Bankruptcy, they have an A rating with the BBB and are dedicated to providing quality, personalized service to each and every one of their clients.

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