Chapter 7 Bankruptcy
Chapter 7 bankruptcy eliminates most unsecured debt, stops wage garnishments, bank levies and most court action. In Chapter 7, your unsecured debts are usually discharged in a matter of months. Certain debts remain, including debts secured by real estate or a motor vehicle, student loans, domestic support obligations and income taxes. Chapter 7 bankruptcy is limited to Debtors who have a certain maximum income and who have a limited amount of assets. Even small businesses can file for Chapter 7 bankruptcy relief, and are often done so in conjunction with the business owner’s filing an individual Chapter 7 bankruptcy. With Chapter 7, you are a given a “fresh start”. After all, “it’s never too late to start over”.