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Chapter 7 Bankruptcy

When the word bankruptcy comes up, most people think of Chapter 7 Bankruptcy, also known as "straight bankruptcy." Many people think of this as a quick fix, although if they file for chapter 7, they later find themselves full of regret and resentment. An individual who files for bankruptcy can retain assets that are considered exempt assets but a court can require that person to liquidate the value of non-exempt personal belongings. An individual may have to repay a creditor with collateral such as, house, car, or land which were used when the individual secured the loan. Limitations of what personal property is exempt varies from state to state, although chapter 7 does provide sufficient protection for most assets.

Discharge is the term used when a court formally dismisses your case and removes your legal liability to repay creditors. Discharge usually takes between 3 to 5 months if everything runs smoothly. There are many times when a bankruptcy filing does not occur smoothly. A creditor reserves the right to file an adversary proceeding if they feel that a claim is non-dischargeable. Typically, a creditor will file a proceeding against claims involving criminal conduct, such as debts incurred on the basis of fraud or theft, embezzlement or breach of trust, or debts from willful or malicious injury to another person or their property. The creditor may also file a proceeding against damages from drunk driving responsibility. Credit card fraud can also include signing up for a credit card, loading up within a short period (12 to 24 months) and then filling. Do not expect creditors to just roll over; they often put up a good fight. At Newport Financial we offer free information on alternatives so make sure you are making the correct decision and call us today at
  • Debts resulting from fraud
  • Alimony
  • Debts resulting from drinking and driving or reckless driving.
  • Fines from traffic tickets or debts that result from criminal negligence
  • Debts from willful or malicious injury to another person or their property
  • Child Support
  • Credit card, personal loans, and installment purchases made within 40 days of filing.
  • Student Loans (Currently, student loans cannot be discharged unless the individual passes an undue hardship test. The individual has to prove that they made good faith efforts to repay the loan and prove that they cannot maintain a minimal standard of living if you were forced to repay the loan)

Not all debts can be discharged through Chapter 7, Please review this list:


Chapter13 Bankruptcy

The Last Resort

Effects of Bankruptcy

Chapter7 Bankruptcy

Common Forms of Bankruptcy


Department Store Credit

Secured Credit Cards

Unsecured Credit Cards


Fair Debt Collection

Get Relief From Creditor/Collection Harassment


Debt Consolidation Loans

Debt Settlement


Understanding Credit

Rebuilding Your Credit





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