Eliminate Debt With Chapter 7 Bankruptcy
Chapter 7 Basics
Chapter 7 bankruptcy is often known as “debt liquidation” because it eliminates unsecured debt. At the end of the process, the debtor receives a discharge that relieves him or her of the obligation to pay dischargeable debts.
In a Chapter 7, a bankruptcy trustee is appointed to seize certain assets to pay off creditors. Many assets, however, are protected by bankruptcy exemptions. A large percentage of Chapter 7 bankruptcy are “no-asset cases” in which debtors do not have any assets liquidated. In other words, the debtor receives a discharge from the debts and is generally still able to keep his or her home, car, household furnishings and retirement plans intact.
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, an individual’s income must meet a certain threshold to qualify for Chapter 7. If reliable income exceeds that threshold, which is determined using a “means test,” Chapter 13 bankruptcy can still be a viable option for real debt relief.
Contact Me For Help
I am here to assist you in resolving debt and creditor matters and can guide you through the Chapter 7 bankruptcy process. To learn more or to schedule your initial consultation, please contact my law office online or by telephone at 985-288-1732.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.