August 12, 2019
What is Chapter 7 Bankruptcy? How can it help you get out of the Debt Trap?
It’s very easy to overspend thanks to multiple credit cards and convenient loans that lure Americans into debt.
When you pile on credit card and other debt, often you really don’t even know what you are letting yourself in for – it’s one of the worst forms of debt. On simple credit card debt, you usually pay exorbitant rates of interests. When you don’t clear your payments, then you will pay interest on interest, making it a vicious and never-ending cycle.
When you keep getting bills, emails, or phone calls from creditors asking you to settle your debts, you should check your bankruptcy options. Chapter 7 and Chapter 13 are two types of bankruptcies available to you when you are in debt.
What is Chapter 7 Bankruptcy?
This is the most common type of Bankruptcy. Chapter 7 allows you to eliminate most, if not all debts; particularly credit cards and medical bills.
Chapter 7 STOPS Lawsuits and Garnishments.
Chapter 7 can even eliminate some IRS DEBT.
Here in Florida, you are limited to what you can own and keep.
What can I keep in a Bankruptcy?
Most people who file a Chapter 7 Bankruptcy keep all their belongings.
There are certain exceptions and sometimes people in Chapter 7 must turn-over belongs or pay some money to keep those belongings.
The rules that govern what a person can and cannot keep are complicated and can vary greatly from person-to-person.
Call for a free consultation to meet with Attorney Steven Fishman to discuss your situation and what a Chapter 7 will do for you.
What is Bankruptcy Eligibility?
Eligibility varies greatly from person-to-person and situation-to-situation. There are many variables.
Call for a free consultation to meet with Attorney Steven Fishman to discuss your situation and determine if Chapter 7 is right for you.
What is the downside of Chapter 7 Bankruptcy?
Now that you have some idea of what Chapter 7 bankruptcy is, you may wonder if there are any disadvantages of filing for this bankruptcy. Any kind of bankruptcy proceedings will adversely impact your credit ratings.
However, most people rehabilitate their credit score and creditworthiness within a couple of years.
For a free bankruptcy consultation and information about Chapter 7 bankruptcy, contact us at (727) 724-9044.