Chapter 7 of the Bankruptcy Code is a powerful remedy for those who are eligible. It is an opportunity to emerge out of financial crisis and start afresh. It is almost always quicker than Chapter 13.

The goal of filing Chapter 7 is to obtain a discharge. A discharge is the court order that cancels your personal liability for debts you incur before your bankruptcy case is filed. In exchange for a discharge, some of your property may be sold for the benefit of your creditors. However, the vast majority of Chapter 7 cases are called “no asset” cases because most debtors are able to protect all of their assets from liquidation.

Some debts like child support, most taxes, and most student loans cannot be cancelled in bankruptcy. Your bankruptcy attorney will tell you whether a particular debt can be discharged in bankruptcy.

You may not be eligible for Chapter 7 if you have previously filed Chapter 7 or if your income is too high. Your Chapter 7 Bankruptcy attorney will help you determine this and will also prepare all the lists, schedules, and statements that must be filed with your bankruptcy petition.

Call us at (615) 895-5566 RIGHT NOW and get on the road to financial recovery – and peace!