Chapter 7 Bankruptcy

 

With limited exceptions the US Bankruptcy Code requires that all individual debtors who file for bankruptcy relief after October 17, 2005, receive a briefing that outlines the available opportunities for credit counseling and provides assistance in performing a budget analysis. The briefing must be given within 180 days before the bankruptcy filing. In addition, after filing a bankruptcy case, an individual debtor generally must complete a financial management instructional course before he or she can receive a discharge.

The purpose of filing Chapter 7 bankruptcy is to obtain a discharge of your existing debts. Debtors are subject to a “means test” designed to determine whether the case should be permitted to proceed. Even if you receive a general discharge, some particular debts are not discharged under the law. Therefore you may still be responsible for most taxes, student loans, debts incurred to pay nondischargeable taxes, domestic support and property settlement obligations, and most fines, penalties and criminal restitution obligations.

Click here for more information regarding Bankruptcy or visit our Frequently Asked Questions.

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The information contained on this site is not intended to be relied on, or used as a substitute for actual legal counsel in regard to any of the matters discussed.  Although every effort has been made to provide accurate information, the laws change constantly and all operators and providers of this site, including the authors, Attorney Darryl Garner and The Garner Law Firm, specifically disclaim any liability or warranty for the accuracy, or currency of the information contained.  If you find yourself confronted with any of these issues, you should retain the services of an experienced attorney to discuss the specific facts and circumstances of your case.   USE OF THIS SITE DOES NOT CONSTITUTE OR CREATE AN ATTORNEY CLIENT RELATIONSHIP.

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