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Chapter 7 Bankruptcy

A Chapter 7 filing generally is appropriate in cases where the debtor has no disposable income or minimal disposable income and in such cases, the debtor will receive a discharge of his or her debts within approximately 90 days of the date of filing, without a payment to creditors. There are certain exemptions the debtor is allowed to take including one for “personal property”. The precise dollar amount of personal property that a bankruptcy debtor is permitted to protect from creditors depends, as of fairly recently, on whether he/she is a homeowner and if so whether it is his/her intention to retain or surrender their home. If the debtor has non-exempt property or property valued in access of the allowed exemptions, the debtor may be forced to file a Chapter 13 bankruptcy.


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