Are your debts piled so high that you have no way out? Do you need relief from the weight of insurmountable debt? A chapter 7 bankruptcy attorney will help you choose the ideal debt liquidation option. If you are facing dire financial difficulties, it is imperative that you contact a bankruptcy attorney to assist you in controlling your debt and file Chapter 7 bankruptcy.
Chapter 7 bankruptcy procedures releases you from debt obligation including finance company loans, credit card bills, and medical bills. However, Child support payments, student loans and recent taxes cannot be dismissed in a Chapter 7 bankruptcy, and you must pay home mortgage or car loans to keep them. As per Chapter 7 bankruptcy information, most kinds of debt will be erased. In return, the appointed bankruptcy trustee will liquidate nonexempt property in order to generate cash and partially recompense creditors. Since the majority of property is exempt, Chapter 7 bankruptcy filers often retain most or all of their property.
The bankruptcy "means test," a formula intended to prevent those with higher incomes from filing for Chapter 7 bankruptcy, can help figure out if your income is low enough to file Chapter 7 bankruptcy. Allow our Chapter 7 bankruptcy attorney to help you.
If you own a small business and are struggling with debt, filing Chapter 7 bankruptcy might help. The 2008 economic downturn led to an increase in bankruptcies filed by small business owners. However, filing for Chapter 7 bankruptcy won’t be the answer for every small business owner because it only covers debts the owner is personally liable. If your business is a sole proprietorship or general partnership, you are personally liable for all of your business’s debts, and Chapter 7 personal bankruptcy will help remove those debts. If your business is a separate legal entity (a corporation or limited liability company, LLC), you are personally liable for the business’s debts only if you personally signed for them or guaranteed them. Otherwise, the corporation or LLC must file its own business bankruptcy case to discharge its debt.
If you need help with Chapter 7 bankruptcy or would like to better understand Chapter 7 bankruptcy information, please contact our Chapter 7 attorney.