Chapter 7 is often the best option for those seeking a fresh start. For those who qualify, Chapter 7 can eliminate the burden of dealing with creditors and the obligation of paying off debts. When you file Chapter 7 Bankruptcy, creditors are entitled to share in the proceeds of liquidation of any of your non-exempt assets. Often much or all of one’s assets are exempt from liquidation to pay off creditors. Generally, if you are an individual, and meet the requirements, Chapter 7 is the quickest, easiest, and least burdensome way to discharge most or all of your debts. In other words, once your Chapter 7 bankruptcy discharge is granted, debts incurred before the Chapter 7 filing will no longer be owed. It basically allows you to walk away from your debts and start over. Call our office today for a free consultation and find out if filing Chapter 7 Bankruptcy is right for you.
What is Chapter 7 Bankruptcy?