Filing Chapter 7 bankruptcy may provide the financial relief you are looking for.
Also known as straight or liquidation bankruptcy, Chapter 7 bankruptcy is a form of consumer bankruptcy that can eliminate many different types of unsecured debts. If you are having a hard time making your monthly payments and cannot afford your basic living expenses, Chapter 7 bankruptcy may be a beneficial way forward. But keep in mind that, if you decide to file Chapter 7 bankruptcy, you may have to part with some of your possessions.
When you decide to file for Chapter 7 bankruptcy, an automatic and temporary stay will be placed on your debts by the court. This automatic stay will keep creditors from trying to collect payment from you, foreclosing on your home, or garnishing your wages. At this point, the court will take legal possession of your personal property, and a bankruptcy trustee will then oversee your case.
As part of the Chapter 7 bankruptcy process, the trustee will review your assets and finances and sell any nonexempt property you cannot keep. The proceeds from these sales will be used to provide some payment to your creditors. Once this process is complete, your remaining debts will be discharged.
If you are thinking about filing bankruptcy, Chapter 7 bankruptcy may provide a beneficial way forward. Schedule a time to talk to us at our office in Talladega, Alabama about your options for bankruptcy. Contact us Arnold Law Offices today!