Most consumer bankruptcy filings fall under Chapter 7. A Chapter 7 bankruptcy provides a fresh start and a clean slate. Oftentimes referred to as “liquidation,” Chapter 7 debtors are required to sell their “non-exempt” assets and distribute the proceeds to creditors. While the prospect of liquidating property is troubling, the vast majority of people who file under Chapter 7 are allowed to keep all of their assets. Meeting with an experienced bankruptcy attorney is key and maximizes your ability to keep your property.

While Chapter 7 isn’t available for everyone, it offers fairly quick relief for those who qualify. Upon filing under Chapter 7, the Automatic Stay is put into place, which stops creditors from collecting on the debts you owe and prohibits them from attempting to collect the debt. The bankruptcy “discharge” is generally entered 90 days after filing, at which time you are free to move forward with your life debt free. Generally a Chapter 7 bankruptcy discharges unsecured debts, including but not limited to Credit Cards, Medical Bills, Signature and Payday Loans, Collection Accounts, Repossession Deficiencies, Cellular Bills, Lawsuit Judgments, Utility Bills, and some Tax Liabilities.

House Packard McElderry, LLC offers competitive rates and flexible payment plans. The cost of filing will depend on the complexity of your case. Please contact our office to schedule a FREE consultation with an experienced bankruptcy attorney.