Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most common type of Bankruptcy and is often referred to as a “Liquidation Bankruptcy.” You may want to consider Chapter 7 if you have little property except for the basic necessities like furniture and clothing and/or you have little or no money left after paying basic expenses each month – or you’re not even meeting basic expenses.
Some of the advantages of a Chapter 7 Bankruptcy are that almost all unsecured debts can be discharged (completely eliminated). The process of a Chapter 7 Bankruptcy moves quickly – you may receive your discharge in just a few months and creditors can’t contact you while the automatic stay is in effect – or after debts are discharged.
An individual who qualifies under the ‘means test’ and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection may file for a Chapter 7 Bankruptcy.
To determine if a Chapter 7 Bankruptcy is correct for you, contact Sternberg Law Group today for a free consultation.