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Chapter 7 Bankruptcy

Bankruptcy Filing

Chapter 7 bankruptcy is a form of bankruptcy protection that does not require the filer to make monthly payments to pay back outstanding debt.  Instead the debts are supposed to be paid back with amounts obtained through the sale of your assets. For that reason, this form is commonly referred to as "liquidation bankruptcy", but don't let that name scare you! Filers are entitled to protect assets up to certain dollar values and if everything is protected, nothing ends up being liquidated. The vast majority of Chapter 7's filed are these types, known as "zero-asset cases". 

A Chapter 7 is also much faster than Chapter 13. Instead of a plan lasting three or 5 years, the Chapter 7 bankruptcy can be resolved in four to six months.


Chapter 7 requires that to qualify through a "means test", which makes it more difficult the more income the filer has. If you are below the median income for the state of Connecticut, you don't need to do an in depth means test. You should reach out to a bankruptcy attorney to see if you qualify. If you are unable to qualify for a Chapter 7, you may have to file for Chapter 13.

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