Our bankruptcy attorneys handle two main types of bankruptcy; Chapter 7 bankruptcy and Chapter 13 bankruptcy. This page is primarily concerned with Chapter 13 bankruptcy. Follow the links to read more about Chapter 13 bankruptcy, or bankruptcy in general.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. A Chapter 7 bankruptcy is also called a liquidation bankruptcy. This means that a debtor who files Chapter 7 turns over non-exempt property to a bankruptcy trustee, or buys out the trustee’s interest.
Exempt property is any property which a debtor is allowed to keep while filing bankruptcy. A debtor can usually keep property such as a house or car by continuing to make payments to the creditor.
The laws which dictate what property is exempt vary between states, so it is a good idea to consult with a bankruptcy attorney. Chapter 7 bankruptcies are usually the simplest bankruptcies. Most people receive their discharge within 5-6 months of filing the case. When a debtor is discharged, they are no longer legally liable for the debts covered under the Chapter 7 bankruptcy.
Watch this short video to learn about Chapter 7 Bankruptcy:
Some debts can only be discharged under certain circumstances, such as taxes and student loans. Other debts can never be discharged, and include (but are not limited to) child support payments and alimony.
If you are interested in filing a Chapter 7 bankruptcy, then you should speak with an experienced bankruptcy attorney. The bankruptcy attorneys at O’Connor, Acciani & Levy Co., LPA can help you choose the best option for your particular needs. For example, some debtors would do better by filing a Chapter 13 bankruptcy. For more information on Chapter 13 bankruptcy, click here.
For any other questions about bankruptcy, call the bankruptcy attorneys at O’Connor, Acciani & Levy today. Call 513-842-9029, or toll free at 877-288-3241 to schedule your free bankruptcy consultation today.
You can also fill out our free, no obligation bankruptcy evaluation to see if bankruptcy is the right choice for your situation.
O’Connor, Acciani & Levy Co., LPA is a debt relief agency