Applying Chapter Seven
If you are going to be applying for insolvency, you might be, or be forced to be, applying under Chapter Seven.
If you are a business, this means that the business is going to be ceasing operations and having a Chapter Seven
Trustee appointed right away, who will sell all of the assets and distribute the cash to the creditors. It might or
might not mean that the individuals who work for you will lose their jobs. Sometimes, when a company is sold off,
it is kept intact or partially intact, and business might proceed as usual, simply with a different individual in
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Chapter Seven can also be applied by an individual. This is going to mean that you can keep certain property
that is exempt. However, some liens, such as real estate mortgages, are going to be kept intact. Any assets that are not exempt are going to be sold
off by the trustee in order to pay back the creditors. This is going to mean that the other types of unsecured
bills that you have will be canceled. Even though most other types of unsecured bills are canceled, there are
some that you are still going to have to be responsible for. This includes child support, most levies, most
student cash advances and any fines or restitutions that you are responsible for regarding any crime you might
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If you apply for insolvency, you are going to be able to start again because most of your bills will have been canceled. Of course, anything that you have of any
value will have been sold, so you are going to have to start over when it comes to that as well. Another
disadvantage is that you are going to have a record of the insolvency on your credit report for 10 years. It
might mean that you aren’t able to get cash advances or other types of credit, but this effect could happen
just as easily with high bills.
There are some things that you should consider before applying for Chapter Seven. There are some cases in which
you can elude being forced to apply on the grounds that it is abusive. You might be able to opt for Chapter 13
instead, which means you can pay off all or some of your bills if you have more time, and if this happens you won’t
have to have your property and assets sold off. Problems around no credit check mortgages can sometimes be sorted
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