Eliminate Debts And End Harassing Telephone Calls

A chapter 7 bankruptcy is designed for individuals and corporations with financial difficulties that do not have the ability to pay their obligations as they become due.

A chapter 7 bankruptcy, sometimes called a straight bankruptcy, allows individuals and corporations who are experiencing financial difficulties to discharge, or wipe out, their debts and start over. Most credit card debt, lines of credit, bank loans, medical bills, and past due accounts are discharged in a chapter 7 bankruptcy.

A chapter 7 bankruptcy is the most common and basic type of bankruptcy filing. A chapter 7 bankruptcy will usually wipe out the following types of debt:

• Credit Cards
• Signature Loans
• Medical Bills
• Old Automobile Repossessions
• Most Court Judgments
• Gambling Debts
• Mortgage Foreclosure Deficiency

A chapter 7 bankruptcy also offers protection from harassing creditors. It stops creditors from garnishing wages and attaching bank accounts. You are protected from all collection efforts by your creditors beginning the moment you file for protection under the bankruptcy laws.

Some Debts May Not Be Dischargeable

The purpose of filing a chapter 7 bankruptcy is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge, and the purpose for which you filed the bankruptcy will be defeated.

Even if you receive a discharge, some debts are not discharged under the law. Therefore, you may still be responsible for debts such as certain taxes, student loans, alimony and child support, criminal restitution, and debts for death or personal injury caused by driving while intoxicated from alcohol or drugs.

Under certain circumstances, you may keep property that you have purchased subject to valid security interests. We can explain the options that are available to you.

Keep Your Property

A chapter 7 bankruptcy allows you to keep your personal and real property, within limits. The vast majority of our clients who file bankruptcy keep all of their property. You are allowed to keep your house, most personal property, including a vehicle or vehicles, and retirement plans. Secured debt, such as an automobile loan or mortgage, may also be discharged under a chapter 7 bankruptcy but you must surrender the home or car if you do not pay the debt. If you want to keep your home or car you must continue to pay the debt even though you filed for bankruptcy. You may also be required to sign a reaffirmation agreement to allow you to keep your car. A reaffirmation agreement is an agreement that allows the debt to survive the chapter 7 bankruptcy. Our goal is to use the law for maximum protection of your assets.

Under a chapter 7 bankruptcy, depending on the size of your estate, you are entitled to exempt a large amount of your property. In fact, almost all debtors are able to keep everything that they own. However, when there is a large estate, a trustee will take possession of your property. The trustee then liquidates the remainder of the property and uses the proceeds to pay your creditors according to the priorities of the Bankruptcy Code. Still, you will be able to use your exemptions in order to retain property for a fresh start.

Chapter 7 Bankruptcy An Affordable and Honest Solution

A chapter 7 bankruptcy is an affordable and honest alternative to your financial problems. The entire process will normally be concluded in about four months.

We are here to help you. If you are considering filing a chapter 7 or chapter 13 bankruptcy, or just want to discuss your options, you are invited to make an appointment for a free consultation with Joe Kanan or Mike Boucher. Contact us today at mary@boucherkanan.com or call us at (810) 982-3961.