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Filing for $500 Upfront! Chapter 7 bankruptcy is the fastest, most straight-forward personal bankruptcy filing. Congress set up bankruptcy as debt relief for honest people who find themselves drowning in unsecured debt. If you have so much debt that repayment in your lifetime is unlikely and your debts are preventing you from being able to live and function normally then it is time to seek advice from a bankruptcy attorney.
When people think about bankruptcy most people think of Chapter 7. Chapter 7 bankruptcy is a liquidation bankruptcy. In a Chapter 7 bankruptcy a debtor is seeking the discharge or elimination of debt. While most debt is dischargeable in bankruptcy there are certain exceptions which an attorney will discuss with you. Chapter 7 is known as a liquidation bankruptcy because certain assets may be taken by a Chapter 7 trustee and liquidated or sold in order to pay some of your debt. The rules which dictate which assets can and cannot be taken are covered by the exemptions.
At Rank & Karnes Law, P.C. we help people with 7 bankruptcy all the time. We know that facing financial diffiuclties are hard, and you don't have to do it alone. Schedule a FREE Consultation and we'll help you create a brighter future.