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Family Law

Chapter 7

Chaper 13

Debt Consolidation

Chapter 7

Chapter 7 is a legal way to eliminate your unsecured debt (generally credit cards, personal loans, signature loans, pay day loans, medical bills and any deficiencies) and will give you a financial fresh start.  In a Chapter 7 bankruptcy you do not have a repayment plan and is an alternative to the Chapter 13 debt consolidation plan, your case is generally open for 90 days after the case has been filed with the US Bankruptcy court until discharged.

The basic purpose of the Chapter 7 bankruptcy is to legally eliminate all of your unsecured debt and allow you to get a fresh start.  An unsecured bill is generally any bill that is not secured with collateral such as medical bills, credit card bills, signature loans, personal loans, pay day loans and any other unsecured bills.

Under the Chapter 7 bankruptcy there are certain secured (i.e collateralized) bills you may want to pay such as your house or your car, we can set that up for you. This way you only eliminate all of your other unsecured bills like your credit cards, medical bills and loans.

A Chapter 7 bankruptcy will allow you to keep your secured debt such as your home and vehicle as long as those loans are completely current.  However, if you are behind with your payments then you may want to consider the Chapter 13 debt consolidation plan. Listed below are some of the things that filing for a Chapter 7 bankruptcy can stop: bill collectors, harassing phone calls from creditors, judgments, garnishments, pay day loans and bad credit.

A Chapter 7 is for individuals and small businesses wishing to eliminate their debt who cannot afford to pay the lower, interest-free monthly payment under the Chapter 13 debt consolidation plan.

The Chapter 7 plan will eliminate (discharge) unsecured debt such as credit card bills, medical bills, most personal loans, judgments resulting from car accidents, repossessed vehicles, some older tax debt (over 3 years old), pay day loans, garnishments and many other bills.

Certain bills however, may not be discharged with a Chapter 7 bankruptcy such as car and house payments unless you don't want to continue to pay these bills.  If you would not want to continue paying these secured bills, then you can surrender them, in full satisfaction, to the lender creditor and owe nothing.

Chapter 7 bankruptcy can be a powerful remedy for any debt problems you may be having, however; it is not available for everyone.  For example; you would not be able to file for a Chapter 7 bankruptcy if you have received a Chapter 7 bankrupcty discharge in the last eight years, depending on your income, expenses and debt burden, if you have non-exempt property or if you can feasibly complete a Chapter 13 debt consolidation plan.

Our Chapter 7 has other benefits as well.  At your free initial, no obligation consultation, the attorney will sit down with you in private and help you to decide if bankruptcy works best for you and your family.  But again keep in mind that you ARE NOT obligated to anything. THE CHOICE IS UP TO YOU!

If you would be interested in finding out if you qualify or would like to file for a Chapter 7 bankruptcy you may call the office at 210-733-9400 to set up an appointment for your free no obligation consultation.