Chapter 7 Bankruptcy
The most common type of bankruptcy case that is filed in Vermont is the Chapter 7. A Chapter 7 bankruptcy results in an individual discharging all of their “dischargeable” debts. Here at the Law Offices of Marc Wiener, we can help guide you through the process to determine which of your debts are dischargeable and which are not.
Chapter 7 bankruptcy is considered a “liquidation,” meaning that the debtor’s assets are sold to satisfy their debts. However, the debtor is allowed to keep certain assets, which they may exempt under either state or federal law. Your attorney will determine which set of exemptions benefit an individual debtor the most.
Once you have obtained a discharge in a Chapter 7 case, you cannot obtain another discharge for eight years.
For more information, consult the United States Bankruptcy court website.