Chapter 7 Bankruptcy at a Glance

Most often, Chapter 7 bankruptcies are filed for individuals. Business owners also have the opportunity to eliminate debt using the Bankruptcy Code. In this setting, Chapter 7 allows a business owner to eliminate debt, liquidate assets and effectively shut the company down. These filings are a great deal more complex than personal filings, and should be handled by an experienced bankruptcy attorney.
This section contains in-depth information about Chapter 7 bankruptcy; including eligibility under the “means” test, types of debts that cannot be discharged and other tips to help you with the process.
To compare how Chapter 7 bankruptcy differs from Chapter 13 bankruptcy, we have created a comparison chart that outlines some of the key differences.

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Chapter 7 Bankruptcy Information

  • You have little property except for the basic necessities like furniture and clothing.
  • You have little or no money left after paying basic expenses each month.
  • Individuals and business entities.
  • Disposable income must be low enough to pass the Chapter 7 means test.
  • Most unsecured debts can be discharged/completely eliminated.
  • The process moves quickly – you may receive your discharge in just a few months.
  • Creditors can’t contact you while the automatic stay is in effect – or after debts are discharged.
  • Many times vehicle is surrendered unless payments are kept current and equity position is low.
  • Many times home is surrendered unless payments are kept current and equity position is low.
  • Stays on credit report for up to 10 years.
  • All fees and Court costs have to be up front.
  • Co-signers not protected.

Chapter 7 bankruptcy resources

Below is a list of our most recent Chapter 7 bankruptcy resources to help you stay informed.

  • Chapter 7 bankruptcy exempt property

Exempt and Non-exempt Property Under Chapter 7 Bankruptcy

June 4th, 2015|0 Comments

People who file for bankruptcy seek protection from their creditors for the debts they have […]

  • Bankruptcy means test

Common Mistakes Made on the Bankruptcy Means Test

May 24th, 2015|0 Comments

The means test is often the starting point for anyone who is filing for bankruptcy. […]

  • Who can file Chapter 7 bankruptcy?

Who Can File for Chapter 7 Bankruptcy?

April 28th, 2015|0 Comments

Prior to October 17, 2005, it was largely up to a bankruptcy judge to decide […]

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You are more than a client. We are invested in your future.

Collier H. Espy Jr.
Collier H. Espy Jr.Founding Partner
Collier grew up in an era where a man’s handshake was his promise. Collier’s decision to practice law was heavily influenced by his unwavering desire to help those in need. He believes in meeting with clients personally and charging them fairly for the services.
Cameron Metcalf
Cameron MetcalfManaging Partner
Cam just might be the hardest working guy in the legal profession. He gives the word “competition” a whole new meaning. Whether he’s on the basketball court, or in a court of law, you better believe he’s in it to win. Clients benefit from his practical approach to handling their cases.
Kaz Espy
Kaz EspySenior Partner
The only thing sharper than Kaz’s suit, is his legal mind. Although he may very well be the best dressed attorney we’ve ever met, his most impressive quality is his smart, caring, down-to-earth attitude. He has a special talent for understanding his client’s concerns and it shows.
Chris Richardson
Chris RichardsonJunior Partner
It was during his service in Afghanistan that he truly discovered his passion for helping others, while working closely with the locals to improve their daily lives. Having come from a modest background, Chris understands that even hard-working people may fall on hard times.

Client testimonials

Our clients are our most valued asset. We evaluate our performance by our clients’ satisfaction.

“I can say today that my life has turned around all for the better and I owe it all to Cam’s patience and understanding of the bankruptcy laws…”
J. T.
“I recently got my discharge letter and can’t wait to start rebuilding my credit. I would highly recommend Espy, Metcalf, and Espy…”
T. C.
“They were highly respected by the trustee I had. They’re also very responsive to questions by email, which really really helps with the stresses…”
E. G.
“Chris put me at ease from the first email we exchanged and then answered all my questions and concerns when we met in person. Highly recommend…”
R. W.
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