Chapter 7 bankruptcy is the most common bankruptcy filed in the US. Chapter 7 is a liquidation of assets, except “exempt” property.
What Does Asset Liquidation Mean?
Often when people think about bankruptcy their concerns focus on the term asset liquidation. They worry that they will lose everything they own. For the majority of people, you will be able to keep your home and automobiles under the equity exceptions that are built into Chapter 7 bankruptcy.
The great advantage of Chapter 7 bankruptcy is that debts are discharged almost immediately, giving you a fresh start right away. Our attorneys will advise you on the specific benefits that you can receive from filing for Chapter 7 bankruptcy protection.
Under Chapter 7 your unsecured debts such as credit cards and medical bills can be discharged.
Will My Credit Score Be Damaged?
For most people who are suffering under overwhelming debt, their credit scores have already suffered the impact of living with that debt and are damaged enough to prevent the extension of further credit. Once you have secured the discharge of debts that is available under Chapter 7 bankruptcy, you can begin rebuilding your credit. We can help you understand what you can do after bankruptcy to begin to work toward revitalizing your credit score.
If you are overwhelmed by debt and want to secure a fresh start, call 904-396-5557 or simply contact us online to schedule your free initial consultation.