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Chapter 7 Bankruptcy Explained September 12, 2017

Central Business District, Rochester
Chapter 7 Bankruptcy Explained, Rochester, New York

Living life in the shadow of debt you cannot pay can seem hopeless, especially when your balances seem to keep growing no matter how hard you try to lower them. Fortunately, the law gives borrowers a variety of options for reclaiming their lives from debt, including Chapter 7 bankruptcy. This powerful tool may allow you to completely discharge some unsecured debts, free yourself from creditor harassment, and start your financial life over again.

What Is a Chapter 7 Bankruptcy?

Discharging Debt

In a Chapter 7 bankruptcy, also known as a “liquidation,” the court will eliminate all your qualifying unsecured debts, essentially wiping the slate clean. A variety of debts can be included in a Chapter 7, especially consumer debt like credit cards and store charge accounts. Even some tax debts and unpaid medical bills can be discharged through bankruptcy proceedings.

Seizure of Assets

chapter 7 bankruptcyIn exchange for discharging your debts, the trustee of the court may seize your assets to pay back a portion to your creditors. As difficult as this sounds, the law actually makes a broad spectrum of property exempt from seizure, including some home equity, your vehicle, work equipment, and family heirlooms.

Hiring an Attorney

A Chapter 7 bankruptcy is a complex legal process that requires the expertise of a skilled legal professional. A good bankruptcy attorney will ensure all your paperwork is completed and submitted on time, all your eligible debts are included, and you keep as much of your property as possible.


 

As a full-service law firm with a reputation for providing excellent service to every client, you can rely on John D. Wieser Esq., PC in Rochester to help you find the best solution to your debt problems. Visit this respected local law office online to learn more about their debt relief services, like their Facebook for more tips and insight, or call (585) 328-0660 to find out whether a Chapter 7 bankruptcy is right for you.

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