How do I qualify for Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is for those seeking to cancel or get rid of insurmountable debt. Generally, those that qualify for chapter 7 personal bankruptcy filing are for those with little property aside from the basic necessities.
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is a liquidation proceeding whereby the debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash to pay off the creditors.
What kind of debt is dischargeable?
Most dischargeable debts include your credit card debt, old medical bills, utilities bills, unsecured loans, pay day loans, and most other types of unsecured debt.
What is the advantages to filing bankruptcy?
The advantage to filing Chapter 7 Bankruptcy is that your unsecured debt is completely eliminated, the process is not very long, and the automatic stay that takes place after filing prohibits creditors from making collection efforts.
It is important to seek counsel and legal representation when considering filing for bankruptcy. The process may be tedious and requires the collection and tracking of several documents for the filing preparation. The more prepared the debtor is, the more seamless the process becomes.
Bankruptcy is an intricate area of law which involves situations from, what type of bankruptcy to file; if bankruptcy is the right option; the use of exemptions; to understanding the protections of the Bankruptcy Code and applying them for legal advantages.
Obtain legal guidance from an experienced bankruptcy attorney today. Schedule a free means test evaluation to see what you may be qualified for in your journey to recovering a debt free life! Think quick, call Blick!