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DREAM HOME,
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Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts.

To File a Chapter 7 Bankruptcy

  • You must reside or have a domicile, a place of business, or property in the United States or a municipality.
  • You must not have been granted a Chapter 7 discharge within the last 6 years or completed a Chapter 13 plan.
  • You must not have had a bankruptcy filing dismissed for cause within the last 180 days.
  • It must not be a "substantial abuse" of Chapter 7 to grant the debtor relief. Generally speaking, if after you pay the monthly expenses for necessities there is not enough money to pay the remaining monthly debts, then granting a discharge would not be an abuse of Chapter 7.
  • It would not be fundamentally unfair to grant the debtor relief under Chapter 7.

The Most Common Reasons for Consumer Bankruptcy Are:

  • Unemployment
  • Large medical expenses
  • Seriously over extended credit
  • Marital problems
  • Large unexpected expenses

Disclaimer:
This information deals with Chapter 7 consumer bankruptcy. Each state has its own bankruptcy laws, so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the above FAQs. The information contained in the following FAQs is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to the area of Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.

 1st Rate Home Mortgage, Inc. 
All Rights Reserved

 1st Rate Home Mortgage, Inc. 
All Rights Reserved

888.844.7077
NMLS ID: 37411 | http://www.nmlsconsumeraccess.org/ | Texas Consumer Complaint and Recovery Notice

Alaska, Arizona, California, Colorado, Florida, Hawaii, Idaho, Illinois, Maryland, Michigan, New Mexico, Oregon, Texas, Utah,
Virginia, and Washington
AK37411, AZ0940290, CA BRE-01863044, CA DBO-603G892, FL MLD1188, HI-37411, ID MBL-7153, IL MB.6761146,
MD 21315, MI FL0018183, NM 03711, OR ML-4837, UT 9896852, VA MC-5623, and WA CL37411

Illinois Residential Mortgage License
James R. Thompson Center
IDFPR-Residential Mortgage Banking
100 W. Randolph, 9th Floor
Chicago, IL, 60601
Tel: 844-768-1713



 

 

 

888.844.7077
NMLS ID: 37411 | http://www.nmlsconsumeraccess.org/ | Texas Consumer Complaint and Recovery Notice

Alaska, Arizona, California, Colorado, Florida, Hawaii, Idaho, Illinois, Maryland, Michigan, New Mexico, Oregon, Texas, Utah,
Virginia, and Washington
AK37411, AZ0940290, CA BRE-01863044, CA DBO-603G892, FL MLD1188, HI-37411, ID MBL-7153, IL MB.6761146,
MD 21315, MI FL0018183, NM 03711, OR ML-4837, UT 9896852, VA MC-5623, and WA CL37411

Illinois Residential Mortgage License
James R. Thompson Center
IDFPR-Residential Mortgage Banking
100 W. Randolph, 9th Floor
Chicago, IL, 60601
Tel: 844-768-1713