Chapter 7 bankruptcy isn't for everyone, but for many it can provide relief from overwhelming debt (such as credit card debt and medical bills) — and stop creditor harassment and threats of foreclosure, repossession or wage garnishment.
In today's economy, with escalating debt, plummeting home values, and an uncertain future for employment, anyone can find themselves in a crushing financial situation. Stress, frustration and anxiety often result as ordinary, honest, hardworking individuals get harassed by creditors threatening to foreclose on their home, repossess their car, or garnish their wages.
Chapter 7 bankruptcy is often the best solution for people who've had a dramatic loss in income, such as loss of a job, and have no hope of repaying their debts even under a Chapter 13 reorganization. It can also be a good solution for people overwhelmed by medical bills, credit card debt and other forms of unsecured debt as these types of debt can be completely discharged.
It depends. Chapter 7 bankruptcy requires you to liquidate most of your possessions, including your home and automobiles, to pay off your creditors. However, many exemptions or "property protections" exist that allow you to retain much of your personal property, including your home and automobile, so you can continue living and working without undue hardship.
Other exemptions may also apply. Attorney Peter J. Bernadich can help you determine how much of your property, possessions and income is likely to be exempt from bankruptcy proceedings.
It is highly advisable to have a qualified bankruptcy attorney, like Peter Bernadich, represent you in any bankruptcy proceedings and assist with completing the filing process. An attorney can help you avoid mistakes that could get your case denied and help you establish your need to file bankruptcy. A bankruptcy lawyer can also help protect your rights against creditors before, during and after bankruptcy proceedings.
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