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Chapter 7 Bankruptcy

If you have debts that you cannot afford to pay, Chapter 7 bankruptcy may be the best option for your financial future. Bankruptcy is an opportunity for a debtor to emerge out of a financial crisis and start afresh. Chapter 7 bankruptcies can be filed by both individuals and businesses. Under Chapter 7 of the Bankruptcy Code all non-exempt property of the debtor is sold and the proceeds of the same are distributed to the creditors. A Chapter 7 affords a qualified debtor a complete discharge of unsecured debt, no repayment plan is necessary. In most cases where Chapter 7 is brought into force the debtor has no assets to lose, therefore the fresh start takes place relatively faster.

All of the eligible assets of a debtor are collected by the bankruptcy trustee who evaluates whether any assets should be liquidated and determines the priority in which the unsecured debts should be paid.

I have handled many Chapter 7 bankruptcy cases and I will help you through this time with the utmost care and concern. Chapter 7 bankruptcy is also known as liquidation (converting assets into money) or a straight bankruptcy, is the most common form of bankruptcy filing and

An added advantage with Chapter 7 bankruptcy is that by signing a reaffirmation agreement, a debtor can continue to pay for a car loan or a mortgage on their home. Through the US Government Bankruptcy Code a debtor could be allowed to retain some or all of his or her property.

For more questions regarding Chapter 7 bankruptcy and a free consultation call me at (407) 894-6750.