Have bills gotten out of control and your in debt and continuing to sink deeper? Chapter 7 bankruptcy is possibly your best option.
Filing for Chapter 7 bankruptcy will discard your existing debt and also stop annoying calls from creditors trying to collect on your debts.
The solution provided by the Chapter 7 bankruptcy code is known as liquidation. When liquidation is implemented all properties and assets are managed by a court appointed trustee.
The trustee's job is to take your valuables such as properties and liquidate them for cash. The profits from these sales go to pay off your creditors and ultimately frees you from you debt with them.
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It is very overwhelming to think of all your assets being liquidated and dispersed. Where does this leave you? Thankfully the trustee will apply the cash that is garnered through liquidation of your assets to pay for your living expenses. In fact, it is only the excess that goes to creditors.
Another reassuring fact is that any properties or assets that you use for your trade/business or in your daily life could be absolved from liquidation.
Due to exemptions like these it is very important to enlist the services of a Chapter 7 bankruptcy attorney.
Your attorney will also administer the means test which evaluates your income in comparison to the average income in your state. If you pass the means test the attorney will then move forward with filing the official petition and financial statements in court. It is upon completing these steps that your trustee will be appointed.
Once you file your petition all income and properties you procure are yours to keep and will no be touched in the bankruptcy proceedings.
The entire process typically only lasts 4 or 6 months. Afterward you will get a discharge. It will be important to discuss any child support, liens, student loans and taxes you owe with your attorney. These types of debt will survive the Chapter 7 bankruptcy process.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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