Chapter 7 Bankruptcy involves most debts being wiped out and usually allows you to keep all of your personal property. The only debts which cannot be wiped out are: recent taxes, child support, court fines, student loans, and secured debt. You can file a Chapter 7 Bankruptcy and still keep your home and car (again assuming you qualify), and wipe out all your unsecured debt such as credit cards. An example of a Chapter 7 Bankruptcy would be a Debtor filing and wiping out $20,000 in credit card debt, $3,000 in medical bills, $1000 in Federal taxes over three years old, and keeping his home and vehicle. The Debtor would be responsible to maintain his mortgage, student loans, and car payments, but all the other debt listed would be discharged.

Federal exemptions are available for both Bankruptcies which allow most clients to keep all of their personal property. While many agencies offer quick bankruptcies, we strongly recommend the use of an attorney who has experience in handling these matters, so your interests can best be represented. We also have the ability to run your credit to ensure that all of your debts are included in the bankruptcy.

We have a great deal of experience handling Chapter 7 Cases and appear in Bankruptcy Courts throughout New Jersey. We are here to assist you.

More information on Chapter 7 Bankruptcy from the US Courts official website:

Chapter 7 Basics
Chapter 7 Forms

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