Chapter 7 Bankruptcy—Debt Liquidation

Chapter 7 bankruptcy is the most common form of bankruptcy relief. When a person thinks of "bankruptcy," he or she is probably referencing a chapter 7. Chapter 7 is commonly known as a "liquidation" or "straight" bankruptcy, and allows a person to quickly eliminate most or all of his or her debt while being allowed to keep certain property.

Most people in Washington do not own any non-exempt property, but the Law Offices of John A. Sterbick, P.S. will help determine which property you can keep in your bankruptcy proceeding and which property may be at risk.

A chapter 7 bankruptcy discharges most unsecured debt and offers you a “fresh start.” You can never be forced to pay your discharged debts again!

Chapter 7 eliminates many types of debt that consumers struggle to pay:

About 4 weeks after a Chapter 7 bankruptcy is filed, the individual debtor is required to attend a meeting of creditors. The meeting of creditors is conducted by the Chapter 7 trustee assigned to your case. This meeting allows the trustee to ask each debtor questions under oath about all of his or her assets and liabilities. In addition to the trustee, creditors are allowed to attend and ask questions, but in reality, creditors rarely show up. Typically, you can expect a meeting of creditors to last less than 5 minutes.

Based on your situation, we can assist you with your financial issues and guide you through the bankruptcy process. We want to ease your concerns by helping you pursue the right path toward financial solutions.

A normal Chapter 7 bankruptcy lasts between 3 and 6 months. During this time period, a debtor will usually be able to start controlling his or her finances, get rid of most, if not all, of the burdensome debt and begin down the path to financial freedom. Do not delay in seeking your "fresh start."