When faced with financial distress, bankruptcy can often help. Simply put, bankruptcy discharges your legal obligation to pay most of your debt and provides you with the ability to start over. The debt may include credit card bills, personal loans and medical bills. However, there are certain types of debt that cannot be discharged by the filing of Chapter 7. Some types of nondischargeable debts include child support or alimony, certain types of tax debt, and student loans.
Chapter 7, also called liquidation bankruptcy, is the most common form of bankruptcy used today. The court appoints a bankruptcy trustee to oversee the process which is to review the petition, secure the debtor’s assets, the sale of these assets, and the repayment of creditors.
Hiring a bankruptcy attorney is crucial as there have been changes in the bankruptcy laws which may require those that are interested filing Chapter 7 to go through what is called a “means test” to see if you qualify.
Call us today to set up a free consultation to evaluate your financial situation and determine if you meet the requirements for Chapter 7 bankruptcy.
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