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Bankruptcy
About
Bankruptcy - Chapter 7
Chapter 7 bankruptcy may give individuals the opportunity to eliminate qualifying unsecured debt and move forward with a more manageable financial picture.
The process involves reviewing your income, debts, assets, property, and eligibility before deciding whether filing makes sense. Some assets may be protected through available exemptions, while certain debts generally cannot be discharged.
Short & Stevens Law helps you understand the process, evaluate your options, prepare the required filing, and know what to expect from beginning to discharge.
Practical Help for
Chapter 7 can provide meaningful relief, but what it changes depends on your specific financial situation.
Address Unsecured Debt
Qualifying debts such as credit cards and medical bills may be discharged through Chapter 7.
Protect Essential Assets
Bankruptcy exemptions may allow you to protect certain equity in property you need to live and work.
Stop Collection Pressure
Move Toward a Fresh Start
A discharge can eliminate personal liability for eligible debts and help you rebuild after filing.
Key Terms
Bankruptcy
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).
Liquidation
A sale of a debtor’s property with the proceeds to be used for the benefit of creditors.
Dischargeable Debt
A debt for which the Bankruptcy Code allows the debtor’s personal liability to be eliminated.
Nondischargeable Debt
A debt that cannot be eliminated in bankruptcy.
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FAQ’s
Frequently Asked Questions
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.
What debts can be discharged in Chapter 7?
It depends on your assets, family structure, goals, and how you want your estate handled. An attorney can help you compare the options.
How long does the process take?
It depends on your assets, family structure, goals, and how you want your estate handled. An attorney can help you compare the options.
Do I need an attorney to file for Chapter 7?
It depends on your assets, family structure, goals, and how you want your estate handled. An attorney can help you compare the options.
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