Can Filing Chapter 7 Bankruptcy Wipe Out Debt?

Can Filing Bankruptcy Chapter 7 Wipe Out Debt?

Filing Chapter 7 bankruptcy can be a beneficial financial decision for people who are unable to pay their debts. It can completely wipe out most debts, including credit card debt, medical bills, car loans, phone bills, unsecured personal loans, and more. Some debt, such as student loans, most taxes, court fines, alimony or child support, and debt incurred after bankruptcy, won’t be expunged. Debt that is discharged during bankruptcy can no longer be sought out by creditors and debt collectors. 

Who is Eligible For Filing Bankruptcy Chapter 7?

There is no limit to the amount of debt needed to file for chapter 7 bankruptcy. Debtors that are solvent, insolvent, individual, a partnership, or a business entity can qualify for relief. Individual debtors are likely eligible to file for chapter 7 bankruptcy if their median household income is below average. If the court rules that your filing is fraudulent or in violation of the bankruptcy system, your case may be dismissed or referred to fraud prosecution.

Filing Bankruptcy Chapter 7 At Jack Berman Law

If you or someone you know is filing bankruptcy chapter 7 and is looking for a bankruptcy attorney in Sterling Heights, MI, Redford, MI, Westland, MI, or the surrounding areas, our credited bankruptcy attorney Jack Berman can help you. He has devoted much of his over 50-year career to representing clients as a bankruptcy attorney. He is accredited by the Better Business Bureau and listed on the Detroit Chapter 13 Trustee’s list of recommended bankruptcy attorneys. Contact us online today to find out if a chapter 7 bankruptcy is right for you.

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