Living under the weight of debt can feel debilitating. Hearing your phone ring constantly with calls from creditors. Wondering how you’re going to stay current on your monthly bills and pay back your mounting debts. Chapter 7 bankruptcy might be the solution to your debt problems.
Nobody wants to file for bankruptcy, but please know there is no shame in it. Bankruptcy is your legal right. Here at Law Offices of Barbara B. Braziel we help hundreds of families, just like yours, file for bankruptcy protection every year.
Chapter 7 bankruptcy is a powerful tool to erase your debts and give you the fresh financial start you deserve. We’re here to answer all of your questions. Call us right now (912) 351-9000 to schedule a free consultation.
What Debts, Can Chapter 7 Bankruptcy Erase?
Debts that can be erased through bankruptcy are dischargeable debts. Debts that cannot be erased through bankruptcy are known as nondischargeable debts. Chapter 7 bankruptcy has the power to completely eliminate a number of dischargeable debts.
The following types of debts are generally dischargeable in Chapter 7:
- Credit cards
- Medical bills
- Collection agency debts
- Personal loans
- Past due rent
- Most civil court judgments (unless based on fraud)
- Certain tax debts (older tax liabilities may be erased)
- Other unsecured debts (debts that are not backed by collateral, such as a home or car)
If you successfully file for bankruptcy, these dischargeable debts are erased forever and you are not obligated to pay them back.
The following types of debts are nondischargeable:
- Student Loans
- Certain tax debts (newer tax liabilities are not erased)
- Back child or spousal support
- Secured debts, such as your house or car (if you want to keep the item, you must pay back the loan)
- Civil or criminal debts based on fraud
Even if you successfully file for bankruptcy, these nondischargeable debts are not erased and you are still legally obligated to pay them back.
Should I Consider Filing For Chapter 7 Bankruptcy?
If you’re struggling to pay back your debts, it is time to take an honest look at your finances. If you cannot reasonably pay off your unsecured debt, including credit cards and medical bills, in two years, then it is time to consider filing for bankruptcy.
Chapter 7 may be a good option for you to get out of debt if:
- You do not make a lot of money. Qualifying for Chapter 7 is simple if you make less than the average median income for your state.
- You do make a lot of money, but you have a lot of secured debt (loans back by collateral, such as a house or car), or business-related debt. It is a myth that people who make a lot of money cannot file for bankruptcy. Even if you earn well-above the median income, you may be able to qualify for Chapter 7 relief.
- You have not fallen behind on your house or car payments.
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We proudly serve people in Savannah, GA and the surrounding areas.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.