Monmouth County Chapter 7 Bankruptcy Attorney
Chapter 7 Bankruptcy is designed for individuals or businesses that do not have the ability to pay their existing debts. The goal of an individual Chapter 7 filing is to obtain a “discharge” of existing unsecured debts. Obtaining a discharge in bankruptcy means that you are no longer legally required to repay your unsecured debts.
Certain debts, however, may not be dischargeable, such as certain taxes, matrimonial obligations or student loans. A Chapter 7 bankruptcy is frequently called “a liquidation bankruptcy” because any assets which are not exempt (protected) could potentially be liquidated (sold) in the bankruptcy process. In a Chapter 7 case, a Chapter 7 Trustee is appointed to administer the case, which could include taking control over and, if necessary, selling any property that is not exempt under Federal law.