Chapter 7 bankruptcy may be used to provide you with a start that is fresh. It will typically discharge, settle, and launch you against all of your debts. There are exceptions for several kinds of debts, nonetheless, including fees, figuratively speaking, and support that is domestic.
So that you can be eligible for Chapter 7, a bankruptcy must be passed by you means test. It is vital to have a seasoned Charleston Chapter 7 bankruptcy lawyer to assist you through the method. In the Steadman Law Firm, P.A., we now have assisted many consumers discover the debt settlement they need and obtain a fresh begin through Chapter 7 bankruptcy.
Whenever Is Chapter 7 a great option?
For those who have considerable amounts of personal credit card debt, huge medical bills, or other forms of credit card debt and also you can’t spend the money for repayments, Chapter 7 bankruptcy could be an excellent selection for you. Understand that liens usually survive bankruptcy, however, so that you require legal expertise also.
One of the greatest urban myths about filing for Chapter 7 bankruptcy is you lose anything you very own. While many of your home could possibly be offered to settle the money you owe, what the law states enables you to “exempt” or keep a certain equity value in a few critical assets:
- Your property
- Your vehicle
- Tools or gear needed to perform your work
- Particular home items
Yours may be declared a “no-asset” case and you won’t lose anything if you do not have any property that can be sold. Many Chapter 7 cases are “no asset”.