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The Law Offices of Eugene D. Frank, P.C. |
A New Beginning for Your Financial Future 412.366.4276 |
Bankruptcy ServicesCredit Card Debt – Medical Bills Get to Know Us
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Chapter 7 Bankruptcy InformationChapter 7 bankruptcy is the most common type of bankruptcy and a way to obtain a fresh start. Chapter 7 bankruptcy is also referred to as “straight bankruptcy” or a liquidation proceeding because unprotected property, if available, is liquidated and distributed to creditors in exchange for a discharge from eligible debts (i.e., dischargeable debts). One of the main purposes of a Chapter 7 bankruptcy is to give a person who is hopelessly burdened with debt a fresh start by wiping out his or her dischargeable debts. Chapter 7 bankruptcy is available to consumers and can be filed for individuals (single or married) or married couples. Frequently, consumers with the inability to pay their debts are able to protect all of their property when they file a Chapter 7 bankruptcy, commonly known as a “Chapter 7 – No Asset” bankruptcy. This means that all of your property is protected from liquidation and you can eliminate your dischargeable debts such as credit card debt, medical bills, payday loans and personal loans as well as potentially other debts. A “Chapter 7 – No Asset” bankruptcy is the fastest and most straightforward type of bankruptcy. Not everyone will be able to file a Chapter 7 bankruptcy and not everyone will be able to keep all of their property when they file a Chapter 7 bankruptcy. Each consumer’s situation is different and it is recommended that you discuss your situation with an experienced bankruptcy attorney. At EDF LAW, for those consumers who can file a Chapter 7 bankruptcy and who retain us, it is our goal to maximize their benefits by establishing an exemption plan that will enable them to keep most, if not all, of their property. We will be with you every step of the way. To find out if you qualify for a Chapter 7 bankruptcy and whether you will be able to keep all of your property, please contact us. For more information, please visit Frequently Asked Questions for Chapter 7 bankruptcy. For your information, in bankruptcy: Discharge is a statutory injunction against the commencement or continuation of an action to collect, recover or offset a debt as a personal liability of the debtor. In other words, your dischargeable debts are cancelled or eliminated and you are no longer personally liable for those debts. To find out more about a Chapter 7 discharge and whether your debts are dischargeable, please contact us. Exemptions are the lists of the kinds and values of property that are legally beyond the reach of creditors or the bankruptcy trustee. The debtor in bankruptcy keeps the exempt property. What property may be exempted is determined by State and Federal statutes, and varies from State to State. To find out more about the application of exemptions in bankruptcy and whether your property would be protected in bankruptcy, please contact us. NOTE: If you are only concerned about a recent lawsuit filed against you by a credit card company or collection agency, see Credit Card Collection Defense. At EDF LAW, we offer bankruptcy alternatives to address your debt problems. KNOW YOUR RIGHTS. KNOW YOUR OPTIONS EDF LAW CAN HELP. CONTACT US TODAY! |
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