Houston Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

You may have heard that it will be impossible to file chapter 7 bankruptcy anymore. This is not true, but it is true it will be a little bit harder to qualify to file chapter 7.

Chapter 7 is known as a straight bankruptcy because you will hand over all of your belongings that you are not allowed to keep (non exempt assets) and your bankruptcy lawyer will sell these items to raise as much cash as possible to pay off your creditors as much as they can.

Chapter 7 is the most common way to file bankruptcy as most debtors have no or limited non exempt assets they will lose if they file chapter 7, so it is truly a new financial life.

You will be discharged from bankruptcy usually within around 4 months.

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