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March 18, 2013


"Straight" Bankruptcy: Chapter 7

May I use Chapter 7 bankruptcy to get rid of all my debts?

No, bankruptcy does not discharge all types of debt. If a debt is excepted from discharge you remain legally responsible for it. Exceptions include most tax claims, alimony, child support, all property settlement obligations from a divorce or separation, most student loans, fraud debts, and debts from a drunk driving problem. Chapter 7 bankruptcy also will not release you from damages for "willful and malicious" acts such as assaulting another person. Many debts incurred though the debtor’s fraud are also non-dischargeable. In this regard, there is a presumption of fraud in last minute credit card binges in either cash advances or luxury purchases within sixty days before a bankruptcy filing.

>>What does Chapter 7 bankruptcy involve?
>>Am I eligible to file for bankruptcy under Chapter 7?
>>How does the means test work?
>>What steps do I need to take before filing for bankruptcy?
>>How does a Chapter 7 bankruptcy case begin?
>>What do I have to tell about my finances?
>>Will I lose some of my assets if I file for Chapter 7?
>>What are exempt assets?
>>What are nonexempt assets?
>>May I use Chapter 7 bankruptcy to get rid of all my debts?

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