What Is Chapter 7 Bankruptcy In A Nut Shell?

Chapter 7 bankruptcy can be confusing for many people.  There are different scenarios where Chapter 7 comes into play to change lives.  In the latest Legal Action show, we discuss the basics of Chapter 7 and how it can be used.  A partial transcription of the show is listed below.  You can also view the Chapter 7 video that accompanies the transcription.  You will learn that Chapter 7 bankruptcy provides a fresh start and a discharge for all of one’s dischargeable debt.  For more information, please contact the office to learn your rights.

David Siegel: Hello, welcome.  My name is David Siegel.  Thanks for joining me.  Today were going to be talking about Chapter 7 bankruptcy.  Once again, my co-host as always is Jesse Barrientes.  Jesse, welcome to the show.

Jesse Barrientes: Thank you, Dave.

David Siegel: How are you doing today?

Jesse Barrientes: Excellent, how about yourself?

David Siegel: I’m doing well.

Jesse Barrientes: Great.

David Siegel: Jesse, whether things that are going well in the country or whether they are going terrible, whether people are rising or falling, the one constant is bankruptcy.  So were going to talk about Chapter 7 bankruptcy because it’s an important feature provided under the federal government’s Constitution, the right to file a bankruptcy and either get a fresh start or reorganize.  So I want to talk to you first about Chapter 7 specifically on this show starting with what is Chapter 7 bankruptcy.

Jesse Barrientes: Chapter 7 is essentially a complete discharge for your dischargeable debts.  And I think we will probably talk a little bit on which kind of debts are not dischargeable.  Unfortunately, our mortgage crisis hit everybody so we are all kind of in the same boat.  There’s a lot of people more than ever before, and they are just rolling in debt.  And I have to tell you, the pressures of having that not only does that keep heaping upon your shoulders but also having to be able to provide for your family and getting harassed by the creditors.  And make no mistake, we have the Fair Collection Act but most of those people, a lot of them, do not follow what those rules are.

 

 

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