Sometimes we can see no light at the end of the tunnel, and it seems like the only way out is to get rid of everything by filing a chapter 7 bankruptcy. This is an extreme and emotional decision that can have a ten year impact on your life.
In a Chapter 7 bankruptcy, most debts are canceled completely. This is called a “discharge.” Medical bills and unsecured loans (like credit cards) can usually be eliminated or “discharged” in full. Once a debt is discharged, the creditor is forever prevented from taking any action to collect the debt. Bankruptcy laws provide for certain exemptions. If the value of your equity in your property is less than the exemption amount, you will be allowed to keep it. If the value of your equity in your property is more than the exemption amount, you might be forced by the court to turn it over to the bankruptcy trustee who will sell it and use the money to pay on your debts. Normally, you will be able to keep all of your property. The rules are different for secured loans, such as homes, cars, boats, RVs etc. With some minor exceptions, you must either pay for the collateral that secures the loan or give it back to the creditor. Chapter 7 Bankruptcy will remain on your credit report for 10 years.
Chapter 7 should always be the last resort, however we understand that in some circumstances it is the right decision. Let us help you make and informed decision by giving you all of the tools and knowledge to see the big picture. We are a full service debt relief company, so honesty is what you can expect from us. We do not gain leading you in the wrong direction, and that is not what we are about. We are here to team with you on a successful financial future.
Fill out our Debt Analysis form, and we can look over your unique situation to see if there is a better way to take control of your finances.
We are not like other offices that will just take the easy way out with you because that is not going to lead you to Financial Success. We will create a hands on rescue plan to suit your unique situation.
If Chapter 7 is the only way, then we will let you know, but we will try our best to find an alternative to protect you from the bankruptcy emotional rollercoaster. We will help you with a customized debt plan to fit your personal needs. We are able to help most people eliminate most of their debts in a short amount of time, without declaring bankruptcy. We realize that the last thing you need is to go through this stressful time by yourself. We will be their to guide you every step of the way until you achieve the financial success you deserve. Fill out our Debt Analysis form today so we can start working on your financial life right away.
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