Chapter 7 bankruptcy is one of the safest routes out from choking credit card debts and going into a fresh financial start. This is because by filing Chapter 7 bankruptcy, an individual can wipe out all his credit card debts, cash advance loans, some overdue utility bills, various personal loans, medical bills debt or almost every other personal debt. The filing process is extremely painless especially when thought of in the context of what could happen if you don't do anything to address your past due and overwhelming debt load.
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Commonly, the filing mechanisms for Chapter 7 bankruptcy takes about six months in almost all states. Before filing, one should really not only just move through credit counseling with an agency that has gotten authorization from the United States Trustee, but in addition have finished a debtor education program. While you will be allowed to retain most of your assets, various other assets may well be disposed of to resolve some financial obligations or perhaps retire various outstanding credit card debts.
Be aware that there are certain types of debts that cannot be wiped out by any chapter of bankruptcy, such as tax liens and government-funded student loans.
Filing Chapter 7 bankruptcy may well include strong safeguards of auto stays, which prevent any collection initiatives or activities from existing creditors, and Chapter 7 exemption, which enables you to retain valuable belongings. These two programs are part of the bankruptcy code in pretty much all states, that are intended to help you in securing important assets from creditors as well as foreclosures.
Take into account that this absolutely will not be a do-it-yourself undertaking because the chapter that you file is determined by the courts, not from your selection, so you must have a bankruptcy attorney to help position your financial scenario in a light that will guide the court to consider that chapter 7 bankruptcy is your most effective option.
Normally, this works best for a certain category of debtors. First, given that Chapter 7 bankruptcy is made to eradicate unsecured debts, it best fits those debtors with lots of unsecured debt. In addition, it does best for those that have minimal properties but still wanting to keep a range of essential properties like a car, a house, to mention but a few.
And finally, Chapter 7 bankruptcy fits great for men and women with little income, an issue that is established when you're subjected to a means test which quite simply examines an individual income and debts. In other words, a means test is performed to make sure that bankruptcy really is your best option, and if your financial situation is not presented to the court in the right light, there is even a chance that the court will not allow you to file.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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