BASIC BANKRUPTCY INFORMATION
CHAPTER 7

DISCLAIMER

The information contained on this page is for information, only. It is not intended to be legal advice, nor should you make legal decisions based on this information. Please consult one of our attorneys to see how the law applies to your particular situation.

In a Chapter 7 backruptcy:

• A person agrees to keep paying the debts which he wants to keep, the other debts get wiped out, for the most part.

• If a debt has any collateral a person MUST agree to keep paying the debt or must give the collateral back.

• If a person gives back some collateral the debt for the collateral will be wiped out.

• There are some debts which can not be wiped out, in most instances. These include taxes which are less than 3 years old, back alimony and child support, crimnal fines and restitution, student loans and debts which occured because of fraud.

• Any debt not listed in one of the catagories mentioned above can be completely wiped out, in most instances.

• In order to determine whether your particular debt can be wiped out, please call our office and make an appointment to talk to one of our attorneys.