BANKRUPTCY
About
BANKRUPTCY - CHAPTER 7
Debt can feel overwhelming, but you don’t have to face it alone. Chapter 7 bankruptcy gives individuals a chance at a fresh financial start by eliminating most unsecured debts while protecting essential assets. The process can be confusing and stressful, but with the attorneys at Short & Stevens Law, you’ll have guidance at every step, from determining eligibility to completing the filing.
Life is short, start fresh.


Bankruptcy
Definitions

Chapter 7
Chapter of the Bankruptcy Code for "liquidation, "(i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)

Dischargeable Debt
A debt for which the Bankruptcy Code allows the debtor's personal liability to be eliminated.

Liquidation
A sale of a debtor's property with the proceeds to be used for the benefit of creditors.

Nondischargeable Debt
A debt that cannot be eliminated in bankruptcy.
frequentlyAsked Questions
FAQs

Will I lose my home or car if I file for bankruptcy?
In most cases, you can protect a certain amount of equity in your home or car. Each case is different, but exemptions are designed to protect what you need to live and work.

How long does the process take?
Most Chapter 7 cases can take less than six months from filing to discharge but it can take longer if the filing is challenged.

What debts can be discharged in Chapter 7?
Most unsecured debts like credit card and medical bills can be discharged. Usually student loans, child support, alimony, and recent taxes cannot be discharged.

Do I need an attorney to file for Chapter 7?
No, but it’s a good idea. Bankruptcy law is complex, and mistakes can cause delays or unnecessary loss of property.
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