Chapter 7 bankruptcy is also referred to as “liquidation bankruptcy”; however, that doesn’t mean it is as scary as it sounds. Most people assume they will lose everything by filing for Chapter 7 bankruptcy, but that is certainly not the case.
Chapter 7 bankruptcy is a way to eliminate debt. Unsecured debts like credit cards, medical bills, signature loans, utility bills and many pay day loans can all be erased in a Chapter 7 bankruptcy. How the elimination happens is unique to each individual and their financial profile. The court will conduct a review of your income and assets to determine if any amount of your debts is to be repaid. Any non-exempt property may be eligible for liquidation to satisfy debts to creditors. However, it is important to note that bankruptcy exemption laws protect a large portion of your assets and all essential assets for living and working are protected under these laws.
One of the best things about filing for Chapter 7 bankruptcy is the quick and easy nature of the process. Unlike a Chapter 13 filing, Chapter 7 cases can leave you debt free in a matter of months. You can get out from under your debt and regain control over your finances through Chapter 7 bankruptcy.
Make sure to consult one of our Chapter 7 attorneys to help answer your questions. You can call us at (937)240-0344 to schedule your FREE consultation. You can also or email questions to us at Questions@DebtFreeOhio.com.
We have also provided you with some informative Chapter 7 bankruptcy videos to help answer some of your introductory questions below: