Chapter 7

Chapter 7 bankruptcy means that you do not commit to a repayment plan as with Chapter 13 but instead a trustee is appointed who will dispose of your assets to repay the people you owe, known as creditors. Chapter 7 will involve a means test and apart from any exemptions, could result in you losing all your assets as they are sold off to repay your debts. This could include any property that you own and for this reason anyone thinking about filing Chapter 7 should only do so after due consideration and proper legal advice.