Chapter 7 Bankruptcy
Chapter 7 Bankruptcy eliminates credit card debts. In fact, Chapter 7 eliminates most unsecured debts. Unsecured debts are debts that are not backed by anything. Meaning they do not have property attached as collateral.
It is our mission to ensure that you understand the power and benefits of Chapter 7 bankruptcy.
Benefits of Chapter 7 Bankruptcy
- Erases most unsecured debts: including credit card debt and medical bills.
- Stops harassing phone calls from creditors.
- Stops wage garnishments.
- Stops lawsuits filed by creditors.
- Depending on your specific situation you will most likely be able to keep your car and your home. It is more likely that you can keep your car or home if your payments are current and there is not significant equity.
Drawbacks of Chapter 7 Bankruptcy
- Chapter 7 Bankruptcy cannot help you catch up on mortgage arrears or missed car payments (though Chapter 13 Bankruptcy can).
- Filing for bankruptcy will affect your credit score – however, if you have already fallen behind on your debts, your score has likely already decreased.
- Student loan debts are not generally discharged.
- Depending on your specific case, you may still owe on some debts after bankruptcy, such as tax debts.
Costs of Filing Chapter 7 Bankruptcy
The costs associated with filing for Chapter 7 Bankruptcy include: court filing fees, mandatory credit counseling fees, and attorneys fees. When we meet for a free consultation, we will go over all of the costs. There will not be any surprise fees or costs down the road. All fees must be paid in full prior to filing your Chapter 7 case.
Qualifying for Chapter 7 Bankruptcy was made more difficult in 2005 when congress passed the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” (BAPCPA). When you hire us, it is our job to determine if you are eligible for bankruptcy relief.
At the conclusion of a Chapter 7 bankruptcy you will not be buried under the weight of debt. You will no longer receive harassing phone calls from creditors. You will have a fresh start.
We are here to give you the fresh start you deserve. Contact us today to schedule a free consultation.