CHAPTER 7 BANKRUPTCY
Chapter 7 is what most people imagine when they think of bankruptcy. This may be the quickest way for a debtor (you) to regain control over their financial situation. A typical Chapter 7 lasts about five months before the debtor receives a Discharge. Many people think that they will lose everything if they file a Chapter 7 Bankruptcy, however often those fears are greatly exaggerated. Depending upon which exemptions the debtor (you) is entitled to, many assets will most likely be protected. Another common misconception is that you won’t be able to keep you home or car once you file. That is not always the case. This is why it is so important to speak with an experienced bankruptcy attorney who can understand your situation and explain all your options.
Filing for Chapter 7 Bankruptcy is a fairly quick and efficient process to eliminate your debt. Chapter 7 is considered a liquidation bankruptcy where the eligible debtor (you) is discharged from all their debt.
This is the often the most helpful solution for those who have collected a substantial amount of unsecured debt, meaning: Credit Cards, Medical Bills, Past Due Accounts, etc. In other words, money you owe on things you can’t touch.
The best thing about filing is, the minute you file, you are granted an Automatic Stay – meaning creditors can no longer contact or harass you. Once you are Discharged, you are released of all personal liability. It will then be against the law for ALL former creditors or bill collectors to try to collect again. In fact, now YOU can sue after bankruptcy, if any creditors come after you again!
If you are bordering on bankruptcy, upside down in debt, being hounded by creditors, or facing foreclosure, call Eileen Dolaghan to set up a free consultation so she can help you find the best solution to your financial problems at 904-354-4935.