Discharge Your Debt
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 qualify 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.
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.
For more information call us at 866-210-1722 or fill out the form below.