Chapter 7 bankruptcy

Sometimes known as a “complete” or “straight” bankruptcy, Chapter 7 bankruptcy means that the person turns over all of their non-exempt assets or property (vehicle, house, savings, for example) to a bankruptcy trustee who liquidates it and distributes the proceeds to the unsecured creditors such as credit card companies, medical bills or loans. People can usually keep most of their personal property (jewelry, tools, clothing, for example).

In return the person is granted a “discharge” of the debt – the debt is cancelled. Some debt (spousal and child support, student loans and some taxes) cannot be discharged in bankruptcy. The process typically takes about six months.

Boleman Law will complete all of the complicated forms and paperwork for you and a Boleman Law attorney stands beside clients and speaks on their behalf at trustee hearings and in court. Knowledgeable people at Boleman Law are always available to help throughout the process. 

Chapter 7 may be the best solution for you if you have:
  • a large amount of unsecured debt (payday loans, medical bills, credit card debt)
  • no vehicle loan
  • no mortgage, or you do not want to keep the house
  • no tax debt
  • little or no income or assets

A Chapter 7 bankruptcy stays on the person’s credit report for 10 years. People must wait eight years before they can file again.

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Interstate Center
2104 W Laburnum Ave, Suite 201
Richmond, VA 23227
Fax: 804.358.8704

Virginia Beach

Convergence Center III
272 Bendix Road, Suite 330
Virginia Beach, VA 23452
Fax: 804.358.8704


2 Eaton Street, Suite 106
(Corner of Settlers Landing)
Hampton, VA 23669
Fax: 804.358.8704

American Bankruptcy
Tidewater Bankruptcy Bar Association