What is a Chapter 7 Bankruptcy Case?

Bankruptcy Service Chester County

The professional legal team at Lipow Law Office specializes in providing assistance in filing Chapter 7 bankruptcy for our clients.

Chapter 7 Bankruptcy in Malvern, PA

This process is a “straight bankruptcy” or “liquidation bankruptcy.” It is the most common, making up about two-thirds of all the bankruptcies filed around the country each year. In a Chapter 7 bankruptcy proceeding, the debtor is seeking a discharge, which is a document mailed to the debtor by the Clerk of the Bankruptcy Court toward the end of the case.

The discharge is a document that essentially states that the debtor is no longer legally responsible for repaying his or her creditors. There are a few prices that one pays for the privilege of receiving a Chapter 7 discharge. There are three primary components to every Chapter 7 bankruptcy proceeding—assets, liabilities, and income.

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We meet with clients for a free consultation. We determine what chapter you qualify for and make recommendations for bankruptcy and non-bankruptcy options. We work to prepare the petition, the statements, and the schedules before filing them with the bankruptcy court, and we represent you before the trustee and before the court to work through the discharge of your debt.

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