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Chapter 7

GETTING A FRESH START If you are unable to pay your existing debts, then a Chapter 7 may be the answer for you. In a Chapter 7 bankruptcy a person wipes out all of their debt and they get a "Fresh Start." This is accomplished by liquidation. In other words, the court-appointed Chapter 7 Trustee collects all of your assets and sells those which are non-exempt under the Bankruptcy Code. The net proceeds of the liquidation are then distributed to your creditors, and the Trustee takes a commission taken for overseeing the distribution.

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Bankruptcy Misconceptions

Misconception #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills. Sometimes things happen that make it impossible. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people who are unable to pay their bills from harassment, lawsuits, wage garnishment and other creditor actions. Bankruptcy allows a fresh start. Many experts trace the roots of our bankruptcy laws to the Bible which says: "At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor shall release that which he has lent unto his neighbor and his brother; because the Lord's release hath been proclaimed." (Deut. 15:1-2) Bankruptcy has been used many of our nation's largest companies like Texaco, America West Airlines, Macy's, T.W.A., Pan Am, A. H. Robbins, Penn Central, Wards, as well as famous people like Jerry Lewis, Mickey Rooney, Tammy Wynette and former Treasury Secretary John Connally. The same laws that are routinely used by corporate America, and the rich and famous, can protect individuals and families.

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Chapter 7
GETTING A FRESH START If you are unable to pay your existing debts, then a Chapter 7 may be the answer for you. In a Chapter 7 bankruptcy a person wipes out all of their debt and they get a "Fresh Start." This is accomplished by liquidation. In other words, the court-appointed Chapter 7 Trustee collects all of your assets and sells those which are non-exempt under the Bankruptcy Code. The net proceeds of the liquidation are then distributed to your creditors, and the Trustee takes a commission taken for overseeing the distribution.

Bankruptcy Misconceptions
Misconception #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills. Sometimes things happen that make it impossible. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people who are unable to pay their bills from harassment, lawsuits, wage garnishment and other creditor actions. Bankruptcy allows a fresh start. Many experts trace the roots of our bankruptcy laws to the Bible which says: "At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor shall release that which he has lent unto his neighbor and his brother; because the Lord's release hath been proclaimed." (Deut. 15:1-2) Bankruptcy has been used many of our nation's largest companies like Texaco, America West Airlines, Macy's, T.W.A., Pan Am, A. H. Robbins, Penn Central, Wards, as well as famous people like Jerry Lewis, Mickey Rooney, Tammy Wynette and former Treasury Secretary John Connally. The same laws that are routinely used by corporate America, and the rich and famous, can protect individuals and families.