Discharge Your Debt

Bankruptcy Attorney

If you have become overwhelmed with debt, you should consider the benefits of bankruptcy.  This is particularly true if you are experiencing wage garnishment or other collection action.  Under Chapter 7 Bankruptcy all creditor action is put on hold and at the end your unsecured debts are discharged.  A bankruptcy attorney can assist you.

Chapter 7 Bankruptcy

To qualify for Chapter 7, you must pass a "means test."  If your income is less than the median income in your area of a family your size, you automatically pass the means test.  If your income is over the median amount, you may still quality as determined by a formula in which your income and expenses are considered. 

When you file for Chapter 7 all unsecured debts are discharged.  There are some exceptions including debts acquired due to fraud, student loans, taxes and some others.  As far as secured obligations such as your car loan or home loan, you are asked whether you want to choose to keep the property or release it.  If you choose to keep the property, you must reaffirm the debt and maintain the payments.

Property You May Keep

You may keep property which is exempt from execution in your state.  With some limitations, this generally includes furniture, kitchenware, appliances, clothes, wedding rings, tools, a modest car and home equity up to a certain amount.  The remaining non-exempt property may be taken by the bankruptcy trustee to pay debts. 

Bankruptcy Lawyer

At Price Law Group, an experienced bankruptcy lawyer at our firm will learn about your financial situation and let your know your alternatives.  If you choose bankruptcy or other alternative, our attorney will professionally prepare your papers and guide you through it.  Our goal is to see you debt free with a fresh start.

Contact a Bankruptcy Attorney at the firm for help with discharging your debt.