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Chapter 7 - Bankruptcy
Filing a chapter 7 petition may be right for you if you are severely burdened by significant unsecured debt that you cannot repay such as credit card debt and medical bills. You may also benefit from filing under Chapter 7 if you are facing mortgage foreclosure, a pending lawsuit, have judgements entered against you, or have had your wages garnished. In a chapter 7 case a bankruptcy trustee will be appointed to thoroughly investigate your financial affairs and determine what non-exempt assets are available to pay your creditors. For this reason chapter 7 bankruptcies are often referred to as liquidation cases. In addition to the automatic stay, which upon filing immediately stops all collection actions against you, the major benefit of filing a chapter 7 petition is the ability to obtain a discharge of most pre-bankruptcy debts while keeping certain exempt assets.
This is the fresh start filing bankruptcy provides. Complete honesty with the bankruptcy trustee and court are essential to obtaining and keeping your discharge. Let me help you decide if filing a petition under chapter 7 of the Bankruptcy Code is right for you.
Chapter 7 - Bankruptcy
Filing a chapter 7 petition may be right for you if you are severely burdened by significant unsecured debt that you cannot repay such as credit card debt and medical bills. You may also benefit from filing under Chapter 7 if you are facing mortgage foreclosure, a pending lawsuit, have judgements entered against you, or have had your wages garnished. In a chapter 7 case a bankruptcy trustee will be appointed to thoroughly investigate your financial affairs and determine what non-exempt assets are available to pay your creditors. For this reason chapter 7 bankruptcies are often referred to as liquidation cases. In addition to the automatic stay, which upon filing immediately stops all collection actions against you, the major benefit of filing a chapter 7 petition is the ability to obtain a discharge of most pre-bankruptcy debts while keeping certain exempt assets.
This is the fresh start filing bankruptcy provides. Complete honesty with the bankruptcy trustee and court are essential to obtaining and keeping your discharge. Let me help you decide if filing a petition under chapter 7 of the Bankruptcy Code is right for you.