Chapter 7 bankruptcy is an efficient way for an individual or family to eliminate their debts. It effectively deals with all creditors in an orderly fashion. Chapter 7 bankruptcy is also relatively fast. A typical Chapter 7 bankruptcy will take approximately 4-6 months and will discharge all debts, with the exception of student loans, child support, spousal support, property tax, excise tax, and most income taxes.
The effects of Chapter 7 are immediate. Upon filing, all creditors must cease contact with the debtor. This includes phone calls, letters, lawsuits, and wage attachments. A trustee is appointed by the court to administer the case. The trustee will liquidate all non-exempt assets and turn over the proceeds to your creditors.
In most cases, all of your assets will be protected by exemptions. If you have a mortgage or car payment and are current, you continue to pay the monthly payments directly to the lender and you will not lose your car or home.
If you are overwhelmed with debt or are being pursued by your creditors, contact Gabel Legal Services, LLC for a free consultation.
Chapter 7 bankruptcy is cost-effective. It deals with all of your creditors at once. Most people only have to appear at one ten minute hearing. Further, our office uses flat fees to keep costs down.
Fresh Start – The bankruptcy code as enacted by Congress is designed to give individuals and families a fresh start. You will eliminate all dischargeable debts and keep your home, vehicle, and most retirement savings accounts. Most importantly, you keep your future income. That means that you can use your money to get ahead in life rather than spending it to service debts that drag you down.