Are there different types of Chapter 7 Bankruptcy?

Yes, there are different types of Chapter 7 Bankruptcy in North Carolina. First, a debtor may file a no-asset Chapter 7 bankruptcy, which means that all assets are either exempt or sold for no money owed to creditors. Second, a debtor may file an asset Chapter 7 bankruptcy, which means some of their assets will not be exempt and must be sold to pay creditors. Third, a debtor may file a joint Chapter 7 bankruptcy if they are married to another person. In a joint filing, both spouses will have their individual debts discharged and assets distributed. The most common type of Chapter 7 Bankruptcy for most people in North Carolina is the no-asset Chapter 7, but it is important to consult with an experienced attorney to determine which type of filing is best for your individual situation. Chapter 7 Bankruptcy will help debtors achieve a fresh start while still allowing them to keep certain assets. After all debts are discharged, the individual is no longer obligated to repay them and can move forward with a clean slate.

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Are there different types of Chapter 7 Bankruptcy?

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