Chapter 7 Bankruptcy
A Chapter 7 bankruptcy discharges unsecured debts such as the following:
- Credit card debt
- Medical bills
- Personal loans not secured by any collateral
- Some income tax debts
You also have the option of discharging secured debts by surrendering collateral such as real estate and automobiles; however, you have the option of keeping collateral such as your home and automobiles on which you owe money as long as you continue making the required payments. Attorney Troy D. Green will discuss these options with you as he prepares your case.
Filing for Chapter 7 bankruptcy immediately stops creditor harassment and collection efforts once and for all. If you are being sued, you also may be entitled to the recovery of garnishments that occurred in the 90 days before filing.
In exchange for eliminating your unsecured debts, you are required to list all of your assets, of whatever kind. Attorney Troy D. Green collects this information when he prepares your case. It's important that you speak to him before you decide to transfer or sell assets as there could be serious bankruptcy consequences for doing so. Furthermore, not everyone is eligible to file for Chapter 7 bankruptcy relief. There are strict income requirements which will be analyzed to determine your eligibility before filing.
The Chapter 7 process usually takes no more than 90 days from the day you file your case until you receive a discharge of your debts. Attorney Troy D. Green will discuss the entire process in full detail at your free consultation. Call today to schedule an appointment!