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Benefits of Chapter 7

Chapter 7 can eliminate debts and the worries that come with financial hardship. The two greatest benefits of a Chapter 7 bankruptcy are the automatic stay protection (stopping creditor collection) and the bankruptcy discharge (elimination of debts) without any repayment.

Chapter 7 bankruptcy can stop the following:

  • Lawsuits
  • Garnishments
  • Foreclosures
  • Repossessions
  • Creditor Harassment

Chapter 7 also can wipe away the following debts tax free:

  • Credit card bills
  • Unsecured loans
  • Deficiencies on car repossessions
  • Medical and hospital bills
  • Deficiencies on second mortgages
  • Certain old tax debts
  • Judgments
  • Collection accounts

Most of our Chapter 7 clients can eliminate all of their unsecured debt and keep all of their property.  Determining whether an individual qualifies for a Chapter 7 bankruptcy should be done by an experienced attorney. Patricia takes the time to personally meet with prospective clients to review their financial situation in detail, including income and expenses, assets and debts to determine whether Chapter 7 is the best solution. Often just learning about options, can relieve the stress caused by financial hardship.

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