Chapter 7 bankruptcy is the first thing that comes to mind when people think of bankruptcy. This type of bankruptcy can be a real life-saver for those who are struggling with overwhelming debt and offers a fresh start. But it’s important to understand what Chapter 7 entails before making any decisions.
In a nutshell, Chapter 7 bankruptcy is a way to discharge unsecured debts like credit card bills and medical expenses. It also allows you to keep certain assets like your home and your car. In rare cases, you may have to give up other property.
To qualify for Chapter 7, you must pass a means test that looks at your income and expenses to see if you can afford to repay your debts. If not, you may still be able to file under Chapter 13 which has different eligibility requirements.
One of the biggest benefits of filing for Chapter 7 is that it provides immediate relief from creditor harassment and lawsuits. The process usually takes around four months from start to finish, after which time all eligible debts are discharged.
Keep in mind that there are some potential drawbacks associated with this type of bankruptcy such as damage to your credit score.
About Lincoln-Goldfinch Law
We’re a cohesive, compassionate team that believes in progressive, forward-looking legal solutions that uplift, enlighten and empower people to make quick, informed decisions about their legal options … legal representation with a personal touch, stress-free guidance through scary situations.
We encourage you to give us a call today, so we could get to know you and help you make the best decision, whether it is one built around bankruptcy or another debt elimination solution that will help you regain clarity, peace, and balance.
Are you facing a mountain of debt?
Is rising inflation giving you the blues?
Are you concerned about the cost of money?
Are you concerned about being able to afford groceries and gas from one week to the next?
If you’ve answered yes to these questions let’s talk about a new alternative. Schedule A No Obligation Free Bankruptcy Evaluation with us and let’s discuss how we can best help eliminate your specific financial struggles!
Lincoln-Goldfinch Law
1005 E 40th St
Austin, TX 78751
(855) 502-0555 |