Reduce your debts for a fresh start.
In a Chapter 7 case, you may be able to cancel or reduce your unsecured debts, old income taxes, medical debt, or personal loans. Your ability to cancel debt will depend on several things including your income, assets, and the type of debt you are dealing with. Not all debts are eligible to be cancelled in a bankruptcy case. Some debts may be old enough already that you may not be responsible.
Give yourself a fresh start and give me a call for a FREE consultation.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy—also known as liquidation bankruptcy—does not involve a repayment plan as in Chapter 13. Instead, your nonexempt assets are sold off and the profits are used to pay off your debts.
How does Chapter 7 bankruptcy work?
First, I will help you file a petition for relief which will automatically stop collection calls and harassment from creditors. In the petition, all property and debts must be listed. Once the petition is filed, a trustee is appointed to supervise the bankruptcy and the debtor no longer controls his property until the completion of the case.
What happens to your home in Chapter 7 bankruptcy?
Keeping your home is an unlikely outcome under Chapter 7. The court-appointed trustee can sell, mortgage, rent, or dispose of any property to pay off your debts.
Filing bankruptcy is not only a complicated matter but a time-sensitive one. It is best done with the help of a trusted attorney. Call me today for more information and a FREE consultation. We’ll talk through your specific situation and I will give you honest answers and outline your best options.