Chapter 7 Bankruptcy
Unlike Chapter 13 Bankruptcy, Chapter 7 Bankruptcy is a process of liquidation. Instead of opting for a repayment plan, clients resorting to Chapter 7 Bankruptcy want to free themselves of any obligations related to high debt. This particular option is feasible in cases where you get rid of unsecured bills, hospital bills, utility bills, old bank accounts, etc. The debt is so insurmountable that a partial payment plan for several years will not make a dent in bringing it down.
Know that like other bankruptcy processes, Chapter 7 Bankruptcy has its restrictions. Complying with bankruptcy law, I do not and cannot assist clients who want to eliminate student loans, alimony and child support payments, and debts incurred by fraud. However, I can assist you with large credit card debt. Every case is different, and an in-person appointment is sufficient in exploring whether you qualify.
Reaffirmation agreements can be made in the event where you wish to keep assets such as housing and the family automobile. However, your unsecured debt cannot be fully discharged until the passing of six years. The debt incurred must still be addressed with payments before initiating the Chapter 7 Bankruptcy process. My clients have also chosen which particular items to keep and return to creditors as they work to reaffirm debts.
While the information I provide here gives you a glimpse of Chapter 7 Bankruptcy, speaking with me face to face is much more feasible in addressing your needs and eligibility.
