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Chapter 7 Bankruptcy Overview


What You Need To Know

1. End those creditor's phone calls. The automatic stay in bankruptcy law makes it illegal for creditors to continue those calls.

2. Keep your car, motorcycle, boat, trailer, ATV. A myth of Chapter 7 bankruptcy is that you will lose your most valuable possessions. As for your vehicles, there are exemptions that provide protection, depending on the value of the vehicle or you can reaffirm the debt.

3. Protect most of your household possessions. You can keep all your household goods that can be exempt

4. Keep your retirement. You can keep your retirement contributions if they are considered a retirement account by the bankruptcy court. Interests in IRA, ERISA, Keogh, or other pension or profit sharing plans

5. Cash on hand.

6. Checking, savings or other financial accounts, certificates of deposit or shares in banks, savings and loan, thrift, building, and loan, and homestead associations, or credit unions, brokerage houses, or cooperatives.

7. Security deposits with public utilities, telephone companies, landlords, and others.

8. Household goods and furnishings, including audio, video, and computer equipment.

9. Books; pictures and other art objects; antiques; stamp, coin, record, tape, compact disc, and other collections or collectibles.

10. Wearing apparel.

11. Furs and jewelry.

12. Firearms and sports, photographic, and other hobby equipment.

13. Interests in insurance policies.

14. Annuities.

15. Interests in an education IRA as defined in 26 U.S.C. § 530(b)(1) or under a qualified State tuition plan as defined in 26 U.S.C. § 529(b).

16. Alimony, maintenance, support, and property settlements to which the debtor is or may be entitled.

17. Tax refunds.

18. Aircraft and accessories.

19. Animals, pets.

20.Wipe away unsecured debt. The amount you owe on credit cards or any debt that isn’t backed up by collateral can be completely discharged.

21. Help with secured debt. With no more secured debt, paying the monthly mortgage and car note becomes much easier again.22. Some taxes may be discharged in bankruptcy if you meet the requirements.


In reviewing many of the bankruptcy websites lately, I have come across what seems to be great offers. The question I have, are these misleading you in an effort to get you to use their services? In this competitive market, they are seeking clients by using "bait". One of the statements that offers you can get a free bankruptcy if you have creditors that are harassing you. What it doesn’t say is that it takes litigation. It may take months or years. AND if you lose you might have to pay the other side attorney fees and costs. Learn more about Chapter 7 Bankruptcy attorney.

So unless you want to spend time hoping to get maybe a few hundred dollars or maybe more, you need to get out of debt fast. You certainly don’t need the added stress of additional litigation. My promise to you is that I will NOT mislead you. I will take the time needed to ensure that you understand what bankruptcy is all about and how it affects YOU. My office represents debtors in chapter 7 and chapter 13 bankruptcy. No Matter if your bankruptcy is easy or very complex, I am there to make sure everything goes as smooths as possible. Learn more at

No matter what type of unsecured debt you have or if you want to surrender a secured debt I can help you.No matter what age you are I take pride in helping all individuals in becoming debt free again.I have many clients who have had something serious happen to them and there is no way to get out of debt. This added stress is not good for your health or your family. Just look at the health problems stress cause.