Asked in Bankruptcy for Kentucky

Q: what is chapter 7

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1 Lawyer Answer
Justin Lee Lawrence
Justin Lee Lawrence
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Fort Mitchell, KY
  • Licensed in Kentucky

A: That's a really broad question and I could talk your ear off for an hour giving you the answer.

Basically, a Chapter 7 is a bankruptcy where you discharge all your unsecured debt but do not get rid of secured or priority debt. It is possible to lose property in a Chapter 7 if the property cannot be exempted. You cannot have filed a bankruptcy within the last eight years if you want to file a Chapter 7. Also, your household income must be below a threshold set by the number of people in your household and the state in which you live. Chapter 7s take about six months from filing to discharge.

Here is a link to more information: http://www.lawrencelaws.com/bankruptcy/chapter-7-bankruptcy/. Best of luck!

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