top of page

What is Chapter 7 bankruptcy?


Chapter 7 bankruptcy is the most common type of bankruptcy filed in the United States. Also called a liquidation bankruptcy, Chapter 7 gets its name from the fact that assets are liquidated to pay creditors. In a Chapter 7 bankruptcy, you may keep your home and car if they are secured by your home or car loan, but unsecured debts such as credit cards and medical bills are wiped out.


Chapter 7 bankruptcies are typically filed by individuals who have low income and few assets. If you have nonexempt assets, the trustee will sell them and use the proceeds to pay your creditors. Most people who file for Chapter 7 bankruptcy protection do not have any nonexempt assets, so their creditors receive nothing.





The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.



Our goal is to help you find a fresh start FAST!


Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706







Comments


Featured Posts
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Call 

1.626.338.5505

Email 

Follow

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
bottom of page