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Timeline for Filing a Chapter 7 Bankruptcy

On Behalf of | Jan 11, 2013 | Bankruptcy

The goal behind filing a Chapter 7 bankruptcy is to receive a fresh start and discharge your debts. Discharge means the debtor is no longer liable for, and no longer has to pay, certain debts.

Dischargeable debts in general include: unsecured debts such as credit cards, medical bills, deficiency balances owed on a repossessed car, and secured debts linked to assets which a debtor is letting go, or surrendering. If a Chapter 7 bankruptcy is not an option due to any number of reasons, a Chapter 13 bankruptcy is another alternative.

A Chapter 7 bankruptcy may be filed once every eight (8) years. The 8 year period begins to run from the filing date of the prior Chapter 7 bankruptcy. If you have filed a bankruptcy in the past, you may be eligible to file again. Consult with a good bankruptcy attorney to determine your eligibility.

Written by Stefanie N. Brunemann, Esq Bankruptcy and Divorce attorney with Godbey & Associates