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Chapter 7

Chapter 7 Bankruptcy In Wisconsin

Chapter 7, also called a straight bankruptcy, is the type of bankruptcy which most people file in order to be relieved of the personal obligation to pay debts. The basic information that needs to be provided to the bankruptcy court includes a complete list of income, assets and debts, as well as other information about the debtor’s financial situation in the years preceding the filing of the petition. A person who files a bankruptcy is called a debtor. Once a bankruptcy case is filed, a bankruptcy trustee is appointed to review each Chapter 7 case. The trustee’s primary job is to see if the debtor has any assets that can be sold in order to pay the debtor’s debts. A debtor is allowed to keep a certain amount of assets, protected from the trustee, in order to get a fresh start. The debtor is required to attend a hearing about a month after the case is filed. A debtor must also complete debt counseling before a case is filed and complete a financial management course after the case is filed to qualify for a discharge. About three months after the case is filed, the debtor will receive an order from the bankruptcy judge granting the discharge the debts.

Does Chapter 7 Discharge All Debts?

Note that not all debts can be discharged in Chapter 7. The more common non-dischargeable debts are student loans, recent tax debts, criminal and municipal fines and support obligations.
See FAQs for answers to more commonly asked questions about bankruptcy.