What Do You Need to Know About Chapter 7 Bankruptcy?

by | Sep 5, 2014 | Lawyers and Law Firms

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So many people are dealing with more debt than they can handle these days. When jobs are lost, unexpected illnesses occur or financial emergencies happen, people tend to reach for credit cards or loans to help them through. Unfortunately, this leads to more and more debt and can cause people to have a major financial crisis. If you are dealing with more debt than your wallet can handle, there is help available. Through Chapter 7 Bankruptcy, you can have the financial help you need, to be free from your debt once and for all.

Chapter 7 Bankruptcy is a type of bankruptcy that is available for individuals who are in over their heads with debt. With this bankruptcy, you first need to gather information on all of the debts you owe, no matter how large or small. The bankruptcy attorney will need information on your debts, your income and all assets you own. This will help the attorney to know whether or not this type of bankruptcy will be beneficial to your or not.

If you file for Chapter 7, you will be required to relinquish all of your assets outside of your essential property. You are allowed to keep your residential home, car, furniture and clothing. Everything else must be liquefied, so the trustee put in charge of your bankruptcy case can work to pay off all of the debts you owe. The trustee is court-appointed and has the power to absolve you of some types of debts or reduce the amount you owe, depending on your circumstances.

With Chapter 7, you can have your bankruptcy settled in six months or less, depending on the amount of debt you owe and the assets being liquidated. This can greatly relieve your stress and prevent you from experiencing a complete financial collapse.

If you are having a difficult time dealing with all of the debt you owe, contact Brent Sorenson & Associates P.C. for help. They will assess your financial situation and offer you help in filing for the bankruptcy that will best meet your financial needs. Contact them today to schedule an appointment.

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