Chapter 7 Bankruptcy
Can Filing Chapter 7 Bankruptcy Help?
Chapter 7 bankruptcy is a powerful tool designed to help you break free from debt related to credit cards, medical bills, utility bills and personal loans.
But this process may not be for everyone. Your best bet may be learning about how Chapter 7 works, and making an informed decisions. While we provide an overview of Chapter 7, many people choose to get answers with a bankruptcy lawyer.
For a free case evaluation with a local bankruptcy lawyer, complete the free form on this page. Or call 888-632-0587 and we'll connect your right away. You can ask questions, and learn exactly how filing may help you.
There are two main personal bankruptcy options: Chapter 7 and Chapter 13, and they each offer debt elimination and property protection in slightly different ways. The following section details how Chapter 7 bankruptcy works, including:
If you need special property protections, for multiple homes or cars, you can learn more about Chapter 13 bankruptcy.
Chapter 7 Bankruptcy & You
Chapter 7 bankruptcy mainly addresses unsecured debts. This includes any debt not tied to piece of property and includes debt related to:
- Credit cards
- Medical bills
- Utility bills
- Personal and payday loans
Chapter 7 is designed to work very quickly to completely resolve these debts. In only a few months, all of these could be erased and settled.
In exchange for clearing these debts, your creditors may be entitled to the proceeds of a sale of non-exempt property. However, every state's bankruptcy laws include specific exemptions.
Under these laws, any exempt property, which typically includes allowances for your home, car, household goods and wages, cannot be sold. In fact, there is no property sale of any kind in most Chapter 7 cases.
Chapter 7 also allows for the use of the automatic stay, which was created to stop collection actions such as wage garnishment, repossession, phone calls, letters and lawsuits.
Many people want to make the most of these protections, and turn to a bankruptcy lawyer for help. Your bankruptcy lawyer can explain how these laws may apply to you, answer your questions, and help you make the most of this opportunity.
Speak with a Local Chapter 7 Bankruptcy Lawyer
For many people, Chapter 7 is the right tool to regain control of their debt and get a fresh financial start. You don't have to let debt and your creditors control your life.
If you would like a free case evaluation with a bankruptcy lawyer near you, there are two quick toll-free ways to connect:
- Complete the form on this page.
- Call 888-632-0587.