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Chapter 7 bankruptcy is designed to help people who are unable to pay their existing debts. It allows you to “discharge” (i.e., eliminate) most typical consumer debts, including credit cards, personal loans, checking account overdrafts, certain tax debts, medical bills, and utility bills.

The benefits of Chapter 7 bankruptcy are: 

  • Chapter 7 BankruptcySpeed: Complete liquidation typically within 4 to 6 months of filing your case. 
  • Simplicity: There are no payments to your creditors. You simply work with a qualified attorney to prepare the necessary bankruptcy schedules and file your case. 
  • Protection: Creditors are required to comply with the bankruptcy code and must immediately cease any of the following actions: collection calls, garnishment of wages, pursuit of judgments through lawsuits, repossession, and foreclosure. 
  • Retain Property: Debtors are often able to keep much of their property in a Chapter 7 filing, including houses, cars, retirement accounts, cash, and all household goods and furnishings. 
  • Improve Your Credit Rating: Over time, most people are more likely to rebuild their credit score by filing for bankruptcy and getting their finances under control than continuing to struggle under an increasing debt load. In many instances, you will be in a better position to obtain credit than if you had not filed for Chapter 7! 

To get out of debt and start fresh, call Greg Dunn, Debt Relief Attorney in Honolulu at (808) 524-4529 for your FREE CONSULTATION. He’s dedicated to helping clients find solutions to eliminate debt. Visit his website to learn more about debt relief services and Chapter 7 bankruptcy.

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