The bankruptcy attorney you choose to represent you may play a crucial role in helping you assess your financial situation and determine whether Chapter 7 or Chapter 13 bankruptcy is the most appropriate option for you. At the Legal Action Network, our primary goal is to protect our clients' legal rights throughout the bankruptcy process. Here's how a we may assist you in this decision-making process:
By offering legal advise and guidance, we help individuals make informed decisions about Chapter 7 or Chapter 13 bankruptcy. Will will aggressively work to protect your legal rights, alleviate financial burdens, and guide you towards a fresh start.
What three things are not dismissed with Chapter 7 bankruptcy?
Chapter 7 bankruptcy does not discharge the responsibility for paying child support, alimony, certain taxes, educational benefit over-payments or loans, and debts for personal injury or death.
Thus, it is important to be aware of these debts when filing for Chapter 7 bankruptcy.
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What does Chapter 7 bankruptcy forgive?
Chapter 7 bankruptcy is designed to forgive most forms of debt. It eliminates debts such as credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months.
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Is Chapter 7 bankruptcy bad?
Although Chapter 7 bankruptcy can have negative consequences, it is sometimes necessary to help people make a fresh start financially. While there are definitely negatives to consider, it's important to weigh all of your options before deciding what's right for you.
It is important to understand the implications of filing for Chapter 7 bankruptcy. It can have a negative impact on your credit score and make it difficult to obtain credit in the future. Additionally, certain assets are available.
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What happens to most of your assets in a Chapter 7 bankruptcy?
In a Chapter 7 bankruptcy, the debtor's assets are typically liquidated and used to pay off creditors. This is a common practice that helps the debtor resolve their debt while protecting certain types of assets.
Certain assets are protected in a Chapter 7 bankruptcy. These include certain types of retirement accounts, such as 401(k)s and IRAs, as well as certain types of insurance policies and annuities. Additionally, some states have laws that protect certain types of property, such as a homestead exemption. https://www.thebalance.com/.
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Is Chapter 7 bankruptcy bad?
Chapter 7 bankruptcy can be a difficult experience, as it can involve losses of property and your credit score will take a hit. It may also stay on your credit report for 10 years, which could lead to difficulties in getting loans or other forms of credit.
While this type of bankruptcy does have its drawbacks, it may provide you with the best chance of becoming debt-free and having a fresh financial start.
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Bankkruptcy may provide you with a fresh start to repair your credit. If you are considering bankruptcy, contact our office so you know the options that may be available for you.
If you are considering filing for Bankruptcy, knowing your rights and options is extremely important. Make sure you are informed, and engage in the Bankruptcy process properly, and your rights are protected Call Us at 833.701.9222 to discuss your Chapter 7 or Chapter 13 Bankruptcy case. Get someone on your side who will be honest and direct. Call today.
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