Chapter 7
Chapter 7 Bankruptcy (liquidation) is often called straight bankruptcy, but it can also be called a new beginning. Chapter 7 is usually the best option for those with only a few assets, a large amount of debt and too little income to pay their debts. Chapter 7 will eliminate or discharge most debts within about 4-6 months of filing. Once a bankruptcy petition is filed, an automatic stay is immediately in effect. The automatic stay protects your property. Creditors must stop any attempts to collect, cease harassing phone calls, stop legal proceedings including foreclosures, repossessions, and garnishments.
A Chapter 7 bankruptcy eliminates, discharges, many debts. Debts such as credit card debt, medical bills, personal loans, old tax debt, as well as debts related to deficiencies on repossessed cars and home foreclosures. After you receive a Chapter 7 Discharge, you will never have to pay your creditors for these types of debts.
It is important to note; there are several types of debts that cannot be eliminated or discharged by filing Chapter 7 bankruptcy. Debts such as child support, recent tax debt, student loans (with a few exceptions), and certain types of court-ordered damage awards are not dischargeable in bankruptcy.
Stop creditor harassment and live debt free. Call today for a free consultation to determine whether or not a Chapter 7 bankruptcy is right for you.
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Mr. Barksdale is extremely knowledgeable, professional, and efficient. He is extremely helpful anytime I have a question or a concern. I never felt like just a number when we met in person for my consult. The service he provided has been exception and outstanding. I highly recommend him to everyone. … read more
