Chapter 7 Bankruptcy

In today’s economy, many people are in a crisis mode. There is no good time to be laid off of your job, yet it is happening to thousands of people daily. Banks and loan offices try to be accommodating or at least they are at first, but when you are without income for any amount of time, the bills start piling up. If you have find yourself falling farther behind each month, then you may need to consider filing for bankruptcy.

Due to the intricacies of bankruptcy law you will need to seek the advice of a professional law firm. Locate an accredited law office that has practiced bankruptcy law for many years and have a reputation for being aggressive against harassing creditors, and can help you alleviate your debt ratio. If your home is in foreclosure, or your wages are being garnished the proper attorney can turn that around for you.

A Chapter 7 bankruptcy is sometimes known as the Fresh Start. In this bankruptcy you are forgiven certain debts. For example, medical debts, some credit card debt, signature loans and auto repossession debts. Debts that are not forgiven include child support, alimony, student loans, fraud or accidents caused by substance abuse.

For you to receive this forgiveness of indebtedness you will have to relinquish all non-exempt items. The most important benefit of this law suit is you get to retain your home and some of the land. Of course you will have to continue making your house payments if you owe on your home. You also get to keep essential furniture and appliances. Essentially you are giving up your extra property for payment to your creditors.

It is imperative you cooperate with the bankruptcy court truthfully and justly. If you do not try tricks like signing over property to other family members so it will not be seized, you should be granted your debt forgiveness. It usually takes about three to four months after you have filled the petition until you are granted your bankruptcy. Typically this process is divided into two parts the forgiveness of debt and turning over your excess property to your creditors.

When your indebtedness is forgiven those collectors may never try to recover those debts again. This does not include future payments due, for example car payments, house payments of furniture loans. You will need to keep making payments on these.

Usually within two years after a Chapter 7 Bankruptcy you will able to secure a loan for a home or car. Creditors are obligated to consider your current debt ratio and credit record after the bankruptcy and not penalize you because of it. It is truly a way to recover and is a benefit to persons who find themselves overloaded with debt.

Call Walker and Turner today at (513) 232-5888 and let’s get your life back on track.