Chapter 7 Bankruptcy:
Filing a chapter 7 eliminates debts most effectively.
Filing a Chapter 7 requires that your income is below median income for your size of family. Please consult with the attorney to make this determination even if you think your income may be too high. You always have the option to file a Chapter 13 and reorganize your debts.
There are many incorrect rumors about chapter 7 bankruptcy on social media and on internet searches, please know your correct options with a free consultation.
Some debts in a chapter 7 bankruptcy are not eliminated and these generally are: child support/ alimony/ divorce debts; student loans; and most government debts (taxes and over-payments). Also if your debt has collateral (like a car or home loan) you may need to continue to pay on that debt if you want to keep the collateral.
The biggest consequence of a chapter 7 bankruptcy is the bankruptcy court can take personal and real-estate property from you if it is not protected by law. A home or vehicle is not automatically protected and you need to know your options. Tax refunds and personal banking accounts are also part of personal property the bankruptcy can take. Please consult with the attorney to determine what is protected.
Filing a chapter 7 eliminates debts most effectively.
Filing a Chapter 7 requires that your income is below median income for your size of family. Please consult with the attorney to make this determination even if you think your income may be too high. You always have the option to file a Chapter 13 and reorganize your debts.
There are many incorrect rumors about chapter 7 bankruptcy on social media and on internet searches, please know your correct options with a free consultation.
Some debts in a chapter 7 bankruptcy are not eliminated and these generally are: child support/ alimony/ divorce debts; student loans; and most government debts (taxes and over-payments). Also if your debt has collateral (like a car or home loan) you may need to continue to pay on that debt if you want to keep the collateral.
The biggest consequence of a chapter 7 bankruptcy is the bankruptcy court can take personal and real-estate property from you if it is not protected by law. A home or vehicle is not automatically protected and you need to know your options. Tax refunds and personal banking accounts are also part of personal property the bankruptcy can take. Please consult with the attorney to determine what is protected.
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