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Chapter7 (Liquidation). Chapter7bankruptcy petitioners get a discharge from the bankruptcy court within three to four months. Creditors are prohibited from contacting you after your petition is filed. Advantages of Chapter7Bankruptcy. Disadvantages of Chapter7Bankruptcy.
Chapter7bankruptcy is a great financial solution for those struggling with debt, especially unsecureddebts. With Chapter7bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. What Is Chapter7Bankruptcy?
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter7 and Chapter 13 bankruptcy options.
They can help you throughout the entire process and even after the bankruptcy has ended when you are trying to get back on your feet. How Debt Discharge Works. The type of bankruptcy you file will determine how your debts are handled. After the repayment period, any remaining debt will likely get discharged.
In some cases, you may be eligible for a Bankruptcy Hardship Discharge. Chapter 13 bankruptcy involves entering into a reorganization plan to protect assets, catch up on arrears on houses or cars, and force unsecuredcreditors to take reduced amounts based on what the bankruptcy law requires that you pay them.
Past-Due SecuredDebt. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Debt can also be secured using intellectual property, equity, and other soft debt. Missing payments on secureddebt causes the creditor to repossess the property as recourse.
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