Chapter 7 is one of the most common forms of bankruptcy used by people. Chapter 7 bankruptcy is designed to help people who are unable to pay their existing debts. If you are wondering if you need a chapter 7 lawyer, continue reading.
Personal bankruptcy is a way of receiving protection from your creditors. Bankruptcy protection in the United States has been available since the adoption of the U.
S. Constitution and has been used as a means for people to obtain relief from burdensome debts.
There is no threshold amount that you need to reach to file a bankruptcy. Chapter 7 bankruptcy will affect your credit report for about 10 years. In a Chapter 7 bankruptcy, the court will liquidate most of your unsecured debts – that’s debt like credit card debt and personal loans, that aren’t attached to an asset like a house or a car. Once that debt is out of the way, it should make it easier to make your mortgage payments. You need to have an experienced chapter 7 bankruptcy lawyer who fights on your behalf in court proceedings. This can provide you with the best options for keeping assets you do not want to lose.