What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is your chance to discharge your debts. It is your chance to put your debt in the past and get started with a future that is debt-free.
Do I Lose All of My Debts?
The majority, if not all, of your unsecured debt will be eliminated when your case is discharged. You will no longer owe any money to those creditors. Some debts do survive Chapter 7 bankruptcy. These debts include those that you choose to keep, such as car payments and house payments, because you want to keep your house and your car.
Do I Lose All of My Property?
Many items are considered exempt during the Chapter 7 bankruptcy process, particularly those that are considered necessary for everyday life. However, all other property you obtained prior to filing bankruptcy can be sold to pay off your debts. The paychecks you earn after filing bankruptcy and the property you purchase with them are yours to keep. They are off-limits to creditors.
How Long Does It Take?
You will have to fill out some paperwork. You'll probably have to make a trip to the court. Four to six months later, this will all be done with. Typically, at that time, you will receive a notice from the court indicating that your case is over and your debts have been discharged.
Is Filing Chapter 7 Bankruptcy Right for Me?
An experienced bankruptcy attorney can answer that question for you.
At the law firm of Bryan P. Keenan & Associates, we believe that every situation is different. When you come to us, we will carefully analyze your financial situation. We will provide you with the debt relief options that make the most sense for you.
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E-mail us or call us at 1-866-753-6857 to discuss Chapter 7 bankruptcy with an experienced lawyer in Pittsburgh, Pennsylvania.