What Is Chapter 7 Bankruptcy?

  • Chapter 7 Bankruptcy

What Is Chapter 7 Bankruptcy?

Call: 888-297-6203

Here you will get to know what chapter 7 bankruptcy is and what properties can be exempted and how you can get the maximum benefit. DISCLAIMER- This is not necessarily to be applied to your case, all depends on which state you are in and what is your financial conditions.

To know more about your situation contact a good bankruptcy legal counsel. If you live in or near Los Angeles & Dallas, TX, contact Recovery law group-(888-297-6203).

Chapter 7 bankruptcy?

 Chapter 7 bankruptcy is also called straight bankruptcy, it has no repayment plan and usually, it is over within 6 months. Normally for debt consolation, it may take years to be debt-free, and for that to you will have to make payments regularly for that time. Chapter 7 bankruptcy can give you a fresh start and have almost all debts cleared. The Federal Bankruptcy Code (Title 11 of the United States Code) will provide you relief from the debts when filing under chapter 7 bankruptcy.

It is not necessary that you can file under chapter 7 bankruptcy. For this, you will have to take a means test which will allow your attorney as well as you to understand under which chapter you should file. Even if you can file under chapter 7 it is not necessary that you should, as an experienced legal counsel will be able to tell you which is more suitable for your case and which can give you the maximum advantage.

Property exemptions?

Your legal counsel should protect your properties under federal or state exemptions. Most of your assets are considered a necessity and are exempted. Properties such as place of residence, a vehicle, furniture, clothing, retirement, personal injury settlements, tax returns, etc. You should apply either under federal exemptions or state exemptions which is more suitable for you and will help you keep all or most of your assets with you after bankruptcy to start a fresh life. You should always go to an experienced legal counsel for help.