Chapter 7 bankruptcy, or a liquidation bankruptcy, is a practical and helpful option for individuals or families who are in need of some financial relief. If you are having trouble paying your bills, your credit card debt has become overwhelming and burdensome, or you are just plain tired of creditor harassment and unreasonable interest rate adjustments, Chapter 7 bankruptcy may be the solution for you.
Our Attorneys can help you determine if you qualify and whether or not Chapter 7 bankruptcy is the best option for your particular situation. Contact us to schedule a confidential and free consultation. Call: 877.301.7005
Chapter 7 bankruptcy will address and eliminate your unsecured debts. Unsecured debts are any debts that are not secured by property or collateral, for example: credit card bills, medical bills, personal loans, overdraft charges or ongoing balances on closed accounts. This means that you can walk away from those relentless credit card companies and collections firms without giving them any of your hard-earned money.
Are they going to take my house, my car, and my belongings?
A Chapter 7 bankruptcy is referred to as a liquidation bankruptcy because the court trustee has the ability to sell (or, liquidate) any nonexempt property that you have for the benefit of your creditors. The key word here is nonexempt. We have exemptions, or limited allowances, that enable us to protect equity that you may have in your property. Most people who qualify and file for Chapter 7 bankruptcy are not looking at extremely substantial equity and get to keep all of their property, but it is important to apply your exemptions appropriately and protect your assets.
Once we file your Chapter 7 bankruptcy, you will be assigned a date and time to appear for your 341(a) Creditor’s Meeting. An attorney will be present with you at that meeting to assist you and answer any questions that may arise. In most cases, you will receive a notice of discharge of the bankruptcy within 3 to 4 months thereafter.
The Stone Haven Law Group diligently provides our clients with honest and clear legal advice geared to your particular circumstances. We will assess your situation and determined which Chapter of bankruptcy, if any, is appropriate for you based on your income, your debts, you assets, and your expenses.