If you owe more than you can repay, a Chapter 7 bankruptcy may be the answer. It eliminates (discharges) most debts without requiring you to repay anything to your creditors And once a debt is discharged in Chapter 7, the creditor is forever prevented from taking any legal action to collect the debt from you.
Immediately upon filing a Chapter 7 bankruptcy case with the court, an "automatic stay" is created that prohibits all further collection action against you. This "automatic stay" means your mortgage company cannot foreclose, finance companies cannot repossess your car, garnishments must stop, and creditors cannot continue their harassing phone calls to you.
Once you file Chapter 7 bankruptcy, everything you own becomes part of the bankruptcy court's property (estate). Federal and state laws allow you to keep (exempt) certain possessions. In a Chapter 7 bankruptcy, the goal is to "exempt" virtually all of your possessions so the court cannot take them. There are some exceptions that you should be aware of before you file for bankruptcy and put everything you own in the hands of the court.
The Law Office of Leigh A. Hudson can help you stop your creditors actions, eliminate your debt and keep your possessions! We charge a LOW FLAT RATE to help make getting out of debt affordable!
