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Wednesday, 16 April 2008 |
By Jim Olivero
 A successfully filed Chapter 7 Bankruptcy completely discharges, or wipes out, most unsecured debts, including but not limited to credit cards, medical bills, utility bills, payday loans, and any other debts that do not have collateral or a hard asset attached to them. Chapter 7 bankruptcies are the most common type of bankruptcy and are commonly referred to as a "Fresh Start" Bankruptcy.
The filing of a Chapter 7 bankruptcy will also stop garnishments and civil lawsuit proceedings and, in most cases, discharge the debts underlying these proceedings. The length of a Chapter 7 Bankruptcy case is generally 3-4 months from filing the bankruptcy petition to the final discharge of debts. In order to find out if you qualify for a Chapter 7, it is important to talk with an experienced Washington bankruptcy lawyer.
Characteristics of Chapter 7 include:
1. Permanent Discharge of Unsecured Debts
In general, all nearly all unsecured debts are eligible for discharge in a Washington State Chapter 7 bankruptcy. These are debts that have no assets attached to them. For example, the following are all typically |
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Last Updated ( Wednesday, 16 April 2008 )
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