|
CHAPTER 7- WIPE OUT YOUR DEBTS TO GET A FRESH START
Chapter
7 bankruptcy is a process provided for under United States federal law which allows you to obtain a "fresh start".
Chapter
7 can eliminate most kinds of unsecured debt. Some examples of unsecured debts are credit cards; medical bills; most personal
loans; judgments as a result of automobile accidents; and money due as a result of a repossessed or surrendered vehicle.
In
a Chapter 7 case, in addition to wiping out your debt, you typically can keep all of your property. As long as your car and
mortgage payments are current, and there is no significant equity in your property, you should be able to eliminate your debt
and keep everything that you own. The goal of a successful Chapter 7 bankruptcy is to allow you to keep all of your belongings
and wipe out the majority, if not all, of your debt.
You may also keep a credit card or two and not have your bankruptcy
apply to those debts. This is called "reaffirmation" because you are reaffirming that you will pay back the debt.
Most
clients keep at least one credit card and/or a debit card linked to a bank account.
A Chapter 7 can be prepared within
a few days and can usually be concluded quickly and painlessly.
Do not forget to ask our office about immediate actions
that you can take after your bankruptcy to begin re-establishing your good credit quickly. Our office has a dedicated and
experienced "credit repair" department and can assist you with all issues dealing with your credit history.
We have
filed thousands of Chapter 7 cases over the years and can answer all of your questions at any time.
Please give us
a call for a free confidential consultation. We would like to assist you in any way possible. You may reach us at (631)BANKRUPT
or (631)549-1111.
|
