Chapter 7 Bankruptcy

Also known as a liquidation bankruptcy, a chapter 7 bankruptcy in many cases will eliminate your credit card debt and medical bills, and allow you to keep your property. Often you can eliminate income tax debts that are more than three years old. However, you cannot eliminate spousal or child support, and you can only eliminate student loans if you can show "undue hardship" which is difficult to do.

Chapter 7 is generally most applicable for individuals who do not own too much property, or earn too much income. The amount of income and property you are allowed depends on your household size and other factors. If you give me a call I will be glad to analyze your particular situation.