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Chapter 7 Eligibility. To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. §§ 101 (41), 109 (b).
Chapter 7 bankruptcy is a “second chance” to regain control of your finances by having most of your unsecured debt, including credit card debt, medical bills, and personal loans, legally discharged by a bankruptcy court.
Chapter 7 bankruptcy eliminates debts without requiring filers to repay creditors, often making it the preferred choice of bankruptcy filers. Chapter 7 is also the cheapest bankruptcy chapter to file and the quickest to complete, usually taking four months.
Learn how Chapter 7 bankruptcy works, how to qualify by passing the Chapter 7 means test, and what will disqualify you from filing Chapter 7. You’ll also learn about the debts eliminated in bankruptcy, Chapter 7 exemptions that will protect your property, and the steps in a Chapter 7 case.
Chapter 7 is the bankruptcy chapter intended to help lower-income filers who can't afford to repay some of their debts. You must take the Chapter 7 means test to determine if you qualify. However, you'll be exempt from the means test if most of your debt is from a business venture or you're a qualifying military member.
Read on to learn about how you can qualify for Chapter 7 bankruptcy, how to file, whether this debt relief option is right for you, and how to rebuild after bankruptcy.
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