Stop Debt. Start Over.
FREE Consultation.
Call (203) 653-5133.
We have two locations:
2001 West Main Street Suite 230
Stamford, CT 06902
100 Mill Plain Road
Danbury, CT 06811
Bankruptcy Lawyers - File for Bankruptcy, Chapter 13, Chapter 7
Once you've made the decision to file for bankruptcy, it's up to you and your bankruptcy attorney to decide which form of bankruptcy protection is right for you. In an earlier article, the bankruptcy lawyers of the Law Office of George H. Weber, LLC discussed the merits of Chapter 13 bankruptcy. But there is another alternative that may work better for you depending on your financial situation.
Chapter 7 bankruptcy, also known as liquidation or a straight bankruptcy, is the most common form of bankruptcy. In fact nearly two-thirds of debtors (65%) who choose bankruptcy go the Chapter 7 route, and with good reason. While Chapter 13 is an effective way to reorganize your debts, filing for Chapter 7 is a great way to eliminate many debts altogether.
Chapter 7 bankruptcy is the sale of a debtor's non-exempt property and the distribution of the proceeds to creditors. It allows the debtor to eliminate most unsecured debts, including credit cards, medical bills, most personal loans, judgments resulting from car accidents, deficiencies on repossessed vehicles, and more. And it typically allows you to keep all of your property. In most consumer cases all of the assets are exempt, meaning there are no assets to liquidate and therefore no dividend to creditors.
There are however, various types of debt that aren't discharged in a Chapter 7. These include child support, spousal support, income taxes less than three years old and property taxes, student loans (in the majority of cases), criminal restitution, and more. Of the debts that can be discharged however, most of them will be discharged in a matter of months.
Chapter 7 is generally the quickest and simplest form of bankruptcy, but who is eligible? While it is available to individuals, married couples, corporations and partnerships, individuals with incomes substantially higher than the state median income for families of comparable size may be ineligible for Chapter 7 and may have to file for bankruptcy under Chapter 13.
The best way to find out which course of action is right for you is to seek the help an advice of an experienced and qualified bankruptcy attorney.
We are a debt relief law firm. We help file for bankruptcy relief under the bankruptcy code.
« Previous Article | Back To Articles | Next Article »
Click Here To Get Started
