Chapter 7 Bankruptcy
Starting Over
Filing Chapter 7, is a total bankruptcy. You may be able to keep some assets like your vehicle.
Realizing that you need immediate help with managing debt , is the first step.
Please call or email to see if a consultation is your next step.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is total liquidation, or a complete bankruptcy, mostly filed for individuals. Chapter 7 will discharge most debts given that the debtor qualifies for this type of bankruptcy.
Unsecured Debt
Most individuals who file for this are overwhelmed with unsecured debt, often having very few qualifying assets to seize, or none at all. Therefore, they have little to lose by filing Chapter 7 Bankruptcy.
Exemptions
Discharge of unsecured debts such as credit card debt, medical bills, protection from creditor actions, including lawsuits and bill collectors, and potential to keep certain assets, with a skilled lawyer who can file for exemptions.
Automatic Stay
Filing Chapter 7 bankruptcy creates an automatic stay. This stops creditors from contacting individuals or taking any actions against them. This “stay” provides legal protection from creditors calling and provides relief to individuals who are struggling with increasing debt.