Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Attorney!

Chapter 7 bankruptcy is a liquidation proceeding in which the debtor's non-exempt assets, if any, are sold and the proceeds distributed to creditors. Chapter 7 bankruptcy allows you to discharge most, if not all, of your debt. Chapter 7 bankruptcy is also known as "straight" or "liquidation" bankruptcy. If you qualify for Chapter 7 bankruptcy, you may be able to keep most, if not all, of your property. Chapter 7 bankruptcy is usually filed by individuals who have heavy debts and few assets. businesses that want to close their doors permanently also typically file for Chapter 7 bankruptcy. 

The main purpose of Chapter 7 bankruptcy is to give you a financial "fresh start." After your Chapter 7 bankruptcy case is over, creditors will no longer be able to try to collect debts from you. In some cases, however, certain types of debts cannot be discharged in Chapter 7 bankruptcy. Examples of these debts include most taxes, alimony and child support, student loans, and fines and restitution imposed by a court for certain crimes. 

You should consult with an experienced Ohio Chapter 7 bankruptcy lawyer to find out more about what types of debts can and cannot be discharged in Chapter 7 bankruptcy.

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