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- Get rid of credit cards, judgments,collections (some exceptions)
- Start fresh with no burden of debt
- Stop judgments, repossessions, foreclosures
What is a Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy is a “liquidation” bankruptcy in which you are exempt certain amounts on assets and anything above those amounts will be liquidated by the Bankruptcy Court
Will a Chapter 7 get rid of all my debts?
A Chapter 7 will normally get rid of all your unsecured debts. Certain exceptions such as student loans, taxes, and child support may not be discharged
What About Bankruptcies For LLCs?
Remember corporations are not the same as individuals. For more information on handling more complex bankruptcy filings, you may want to contact a bankruptcy lawyer, or read this post on Bankruptcy Protections For LLCs for more information.
Will I be able to keep my house/car?
It most cases you will be able to keep your car or house by what is called “reaffirming” your debt. This means you continue to pay the amount you are paying on your car or house. In most cases you must show the creditor that you have the financial ability to reaffirm the debt and keep the payments current.
How long will a bankruptcy stay on my credit?
A Chapter 7 Bankruptcy will stay on your credit for 10 years from the date of filing