Chapter 7 bankruptcy is the quickest and easiest way to file bankruptcy and is the bankruptcy of choice for most consumers. Generally referred to as liquidation, Chapter 7 is like starting over with the majority of personal debts being eliminated. It is highly recommended that you contact a bankruptcy attorney for help in determining whether Chapter 7 bankruptcy is right for you.
The legal network of bankruptcy attorneys has supported thousands of people as they work through this difficult time. The right attorney can guide you through the technical process, answer any questions, and restore sanity and peace of mind. Use the contact form to provide us some basic information about your financial situation. An attorney local to your area will be in touch for a free consultation, with no obligation.
Chapter 7 bankruptcy essentially converts any assets to cash, and is also known as straight bankruptcy. At least 65% of all bankruptcy filings are filed under Chapter 7. Some assets may be exempt from Chapter 7 but most will be liquidated and debts discharged within months of the attorney filing. Since many individuals who are filing for Chapter 7 do not own many assets, the process is usually quick.
Bankruptcy does adversely affect credit rating, and usually limits spending for a period of years. However, eliminating all debt can be a huge positive. Consumers who file for Chapter 7 bankruptcy reduce stress in their lives, and renew hope for the future. Bankruptcy usually occurs at the end of a long period of financial struggle, with late payments and harassment from bill collectors. Chapter 7 bankruptcy can actually improve your lifestyle, help you sleep at night and plan for the future.
Through certain legal instruments, it is actually possible to keep your home and vehicle and still enjoy the benefits of Chapter 7 bankruptcy. This may vary state to state so ask your appointed attorney about ways of staying in the home. Generally, there are 19 classes of debt that can be discharged through Chapter 7 filing.
After the filing, a trustee is appointed to discharge the debts, oversee any liquidation, distribute payments and close the case. In Chapter 7 bankruptcy, you do not need to pay the trustee. This person is typically employed by the state in which you reside.
Business owners usually opt for Chapter 11 bankruptcy, but for consumers, Chapter 7 bankruptcy is the most convenient. Chapter 13 is also an option if you have regular income and intend to repay the debt that has piled up. Use the contact form to learn more about bankruptcy and what type of bankruptcy is right for you.
Bankruptcy is a legal process. It takes several months and various court filings. You should enlist the help of a qualified attorney so that you know your rights, select the right type of bankruptcy, and avoid mistakes when filing. Bankruptcy fraud is actually quite common and would just add to your problems rather than fixing your finances for the future. Remember that once you file for Chapter 7 bankruptcy, you cannot file Chapter 7 again for a period of 8 years.
Enjoy a free consultation with no obligation to buy. There is little risk involved and our attorneys are here to help every step of the way. The network has hundreds of years of experience in successfully filing for bankruptcy. We can help you get out from under that mountain of debt, stop harassment from creditors, and send you down the road to financial recovery.
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