Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is commonly referred to as a “liquidation” bankruptcy. If you qualify for a Chapter 7 bankruptcy it will cancel out most of your debt. Non-dischargeable debt may be child support arrearages, spousal maintenance arrearages, most taxes and federal guaranteed student loans.
In a Chapter 7 bankruptcy you might lose some of your property but there is a great deal of property you can retain which is referred to as “exempt property”. Even non-exempt property may be retained if payment arrangement would be approved by the bankruptcy trustee.
When a Chapter 7 bankruptcy is filed an “automatic stay” goes into effect. This “stay” immediately stops virtually all actions any creditors have been taking against you. Any existing lawsuits, wage garnishments or foreclosures will be halted. If you are feeling mounting pressure and creditors are calling you incessantly, then you owe it to yourself to contact an attorney and see relief is available. Contact The Harrian Law Firm, P.L.C. for immediate assistance.