Can Chapter 7 Get You Out of Debt?
If you find yourself up to your eyeballs in debt and in need of a fresh beginning, then Chapter 7 Bankruptcy might just be right for you. It is a court process that may eliminate most kinds of unsecured debt, and is backed by United States federal bankruptcy law. By unsecured debt we mean such things as credit cards, personal loans, car accident judgments, medical bills, and deficiencies on repossessed vehicles.
With Chapter 7, the goal is for you to keep your car, your home, and your personal belongings, but to get rid of the debt. However, your car and mortgage payments must be in current standing, and there needs to be no significant equity on your home.
If your creditors are getting aggressive and are prepared to garnish your pay you will find yourself in dire straits. You will be pleased to know that Chapter 7 Bankruptcy can stop this from happening.
If your drivers license has been suspended because of unpaid parking tickets, or because you didn’t have liability insurance at the time of your automobile accident, a Chapter 7 Bankruptcy can result in it being reinstated. This is just one of the many ways Chapter 7 can restore order to your life and take away the desperation that often comes with being too deeply in debt.
It is very important to approach bankruptcy correctly because there is so much at stake. The best advice is to consult with a qualified and experienced bankruptcy lawyer. They will have handled hundreds or even thousands of cases just like yours so they know exactly how to proceed to get the best outcome for you.
This entry was posted on Wednesday, July 29th, 2009 at 6:22 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.