We offer FREE – NO OBLIGATION telephonic consultations with evening and weekend appointments available. We NEVER charged for telephone calls to the office to discuss YOUR case. We NEVER charge when we are contacting YOU to provide case updates or need information for YOUR representation. When most people think of bankruptcy, they are usually thinking of a Chapter 7 bankruptcy. Chapter 7 is the most common form of bankruptcy in the United States.
In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive, unless you choose to surrender the property. The amount of property that can be claimed as exempt varies from state to state. Non-exempt assets, if any, are sold by the trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding.
A Chapter 7 bankruptcy remains on an individual’s credit report for 10 years from the date of filing. This can make credit less available and terms less favorable, although high debt or delinquent debt can have the same effect. Future ability to obtain credit is dependent on multiple factors.
Chapter 7 bankruptcy is a good option for debtors who need a fresh start financially. Chapter 7 will stop wage garnishments, bank levies, and lawsuits filed by creditors. Many assets, such as bank accounts, vehicles, equity in your home, and jewelry are protected under Chapter 7 bankruptcy. Once your Chapter 7 bankruptcy is completed you can begin rebuilding your credit.