Chapter 7

The Chapter 7 Discharge. A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor.

Once filed, a Chapter 7 bankruptcy typically takes about 4 - 6 months to complete. The bankruptcy discharge is granted 3 - 4 months after filing in most cases. Written by Attorney Andrea Wimmer. Most Chapter 7 bankruptcy cases take between 4 - 6 months to complete after filing the case with the court.

There is no ceiling on the amount of debt with which you can file for Chapter 7 bankruptcy. Chapter 7 also is often preferred over Chapter 13 because it wipes out debt and doesn't involve repayment.

Additional Non-Dischargeable Debts Debts from fraud. Certain debts for luxury goods or services bought 90 days before filing. Certain cash advances taken within 70 days after filing. Debts from willful and malicious acts.

For most filers, a Chapter 7 case will end when you receive your dischargethe order that forgives qualified debtabout four to six months after filing the bankruptcy paperwork.Your case will close after the trustee sells the assets, pays out the funds, and files a report with the court.

For most filers, a Chapter 7 case will end when you receive your dischargethe order that forgives qualified debtabout four to six months after filing the bankruptcy paperwork.Your case will close after the trustee sells the assets, pays out the funds, and files a report with the court.

For Chapter 7, there is no limit to the amount of debt owing.

Chapter 7 bankruptcy wipes out most types of unsecured debt. Unsecured debts are debts that aren't guaranteed by collateral property.Unsecured debts wiped out by Chapter 7 bankruptcy include credit card debt, medical bills, and gasoline card debt. However, you can't wipe out all unsecured debt.

The bankruptcy public record is deleted from the credit report either seven years or 10 years from the filing date of the bankruptcy, depending on the chapter you filed.Chapter 7 bankruptcy is deleted 10 years from the filing date because none of the debt is repaid.