What Is Chapter 7 Bankruptcy?
Bankruptcy law is complicated. While bankruptcy is designed to provide debt relief for everyday people, navigating the actual process is far from easy, especially because there are multiple types of consumer bankruptcy. If you’re considering bankruptcy, the next step is determining which type of bankruptcy is right for you – Chapter 7 or Chapter 13. Both can accomplish your goal of getting out of debt and starting with a clean financial slate. However, there are important differences between them.
Getting Rid Of Your Debts
Chapter 7 is a relatively quick process that usually takes only three to four months. It involves identifying all your debts and assets and determining whether any of your assets can be applied toward those debts. Fortunately, state and federal laws provide exemptions that protect many categories of property. This means that you can likely keep most or all of your property.
At the end of the process, your qualifying debts will be discharged – essentially, wiped away.
You can then start rebuilding your credit and getting back on firm financial footing.
Find Out Whether You Qualify
Only certain people qualify for Chapter 7 bankruptcy. You must pass a means test designed to show that your income and assets are below a certain level.
At Debra L. Broz, Attorneys at Law, PLC, we can evaluate whether you qualify for Chapter 7 – and whether it’s right for your situation. Our lawyers are passionate about helping people pursue a fresh start. With more than 60 combined years of legal experience, we can take the stress and worry out of the process.
Take The First Step Toward Getting Out Of Debt
Call our office in Bowling Green at 270-266-3981 to discuss your options for getting out of debt. Someone is available to take your call anytime, day or night. We offer affordable payment plans in all bankruptcy cases. Based in Warren County, we handle bankruptcy matters across southcentral Kentucky.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.