Chapter 7 Bankruptcy Lawyers

Barbaruolo Law Firm, P.C. has represented individuals in foreclosures for decades. Our attorneys are experienced and thorough; and fight tirelessly for each individual client.

What is chapter 7 bankruptcy?

A chapter 7 is a bankruptcy proceeding that is also referred to as a liquidation or a straight bankruptcy. It is the most common form of bankruptcy relief. The debtor’s non-exempt assets are sold by a bankruptcy Trustee who then uses those funds to pay your creditors, even if it amounts to pennies on the dollar. Creditors will receive a distribution based on a hierarchy of debts and paid based on the priorities set by the Bankruptcy Code.
how long does bankruptcy chapter 7 take?
The chapter 7 process from date of filing to the date that the Court issues a discharge of debts generally takes about 4 months. Once the petition is filed with the Court, the automatic stay- the bankruptcy protection - kicks in and most creditors can no longer take action to collect debts.
HOW OFTEN CAN YOU FILE CHAPTER 7 BANKRUPTCY?​
Chapter 7 may be filed eight years from the date of the filing of the previous chapter 7. The eight years begins to run from the date a petition for relief was filed, not the date the discharge was granted.
do i qualify for bankruptcy chapter 7?
Whether you qualify for chapter 7 depends on a few things such as whether you have previously filed a chapter 7 petition within 8 years and whether your income “passes” the means test. The means test is a complicated formula based on your income over the last 6 months and then a complicated formula to determine eligibility. The purpose of the means test is to limit chapter 7 filings and instead require a reorganization under chapter 13. Since the formula is complicated, consult a lawyer to see if you qualify.
what does bankruptcy chapter 7 mean​?
Chapter 7 is sometimes referred to as a liquidation or a straight bankruptcy. The chapter 7 process is short and does not include monthly payments like in a chapter 13 debt reorganization. It is called a liquidation because a bankruptcy Trustee is able to seize and sell (liquidate) any assets that are not already subject to a lien or otherwise exempt from seizure.
what debts are discharged in chapter 7 bankruptcy?
Most debts are dischargeable in bankruptcy. However, some debts that are not dischargeable include student loans, certain taxes, domestic support obligations and debts obtained by fraud.
can i keep my house in chapter 7 bankruptcy?
Yes. It is likely that you will be able to keep your house. As long as the value of your house is less than the balance of any mortgage loan and the amount of the homestead exemption. However, you can still file bankruptcy and keep your home even if there is equity. Chapter 13 allows you to keep your assets and reorganize your debt.
​can chapter 7 bankruptcy stop eviction?
It depends. If you file for bankruptcy protection before the landlord obtains a judgment or warrant for eviction, the bankruptcy stay will stop the eviction. If the landlord already has the warrant, the bankruptcy stay does not stop the eviction.