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Toll-Free: (800) 829-2308
Phone: (260) 424-0954

132 East Berry St. Ft Wayne, IN 46802

Glaser & Ebbs, Attorneys, Fort Wayne, IN

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What is Chapter 7 Bankruptcy?

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In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts.

The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for "exempt" property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors.

If you want to keep property like a home or a car and are behind on the payments on a mortgage or car loan, a chapter 7 case probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.

Explore our helpful links below.

Contact an attorney from Glaser & Ebbs now to answer your questions and help you through the process. Toll-free: (800) 829-2308.

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