Chapter 7 is the most common form of bankruptcy. Chapter 7 is available to individuals, married couples, corporations and partnerships. Individual debtors get a discharge and are released from their financial obligations within 4-6 months of filing the case.
The vast majority of Chapter 7 cases we deal with at Moran Law are what we refer to as ‘no asset’
cases, meaning that the debtor does not have enough property to exceed the exemption limit. Nearly all of our clients finish their cases without paying anything to the Trustee, or losing any of their property. As I tell most potential clients, “You can keep your house, you can keep your car, and you can keep all your possessions.”
The only payments you are likely to make when you file under Chapter 7 will be a filing fee to the Bankruptcy court and legal fees to your attorney.