Chapter 7 Bankruptcy

Chapter 7 is the “fresh start” bankruptcy causing an individual to be free from most consumer debt.  While a Chapter 7 bankruptcy is commonly referred to as liquidation bankruptcy, most individuals will not have to sell any of their possessions.  Unlike Chapter 13 bankruptcy , there is no repayment plan.  Any arrearages you have on your mortgage or car loan will still remain after you exit a Chapter 7.  However, a Chapter 7 bankruptcy will buy you some time in order to negotiate a loan modification with your secured lenders.

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Wiping Out Most Debt with Chapter 7

In Chapter 7, the debtor can wipe out all of their credit card debt in a matter of months plus other unsecured debts such as medical debts, personal loans, and deficiency balances for vehicle loans from repossessed vehicles or mortgages from foreclosed homes.  You may also be able to wipe out older unpaid income taxes.  However, most government owed debt will not be wiped out in bankruptcy, such as recent income taxes, traffic tickets, or court-ordered support payments.  You will also not be able to wipe out most student loans except under certain circumstances

Keeping Most of Your Assets in Chapter 7

There are exemptions provided by state and federal law which excludes certain properties from being sold by the trustee, for example, jewelry, professional books and “tools of the trade,” “whole life” insurance contracts, personal household furnishings, goods, clothing, books and a “wild card” of $24,160 (adjusted for inflation on April 1, 2019) which can be added to other categories or used by itself.

Chapter 7 Bankruptcy Pricing

Chapter 7 bankruptcy starts at $750 for a single debtor and $1,000 for couples plus a court filing fee of $335.00.  This bankruptcy includes preparation of documents to be filed with Bankruptcy Court, a “special appearance” attorney for the Creditor’s Meeting, attorney assistance and final financial credit counseling filing – to completion.  Chapter 7 bankruptcy starts at $1000 for single and $1200 for couples plus a court filing fee of $335.00.  This arrangement is identical to the above arrangement but RoseAnn Frazee or another member of the firm will accompany you to the creditor’s meeting rather than a “special appearance” attorney.

  • When you hire Frazee Law Group, we list the proper exceptions for you to save your property.  In addition, Frazee Law Group will answer all your questions.
  • Additional Special Arrangements can be made with Frazee Law Group.
  • Frazee Law Group offers Affordable Payment Plans for Chapter 7 bankruptcies.

Frazee Law Group is a debt relief agency.
We help people file for bankruptcy relief under Bankruptcy Code.

Chapter 7 plan starts at $750 for single debtor and $1,000 for couples plus court filing fee of $335.00.

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