In addition to Chapter 13, Chris Wesner’s law practice addresses Chapter 7 Bankruptcy. While Chapter 13 receives recognition as a process of reorganization, Chapter 7 Bankruptcy differs in that it is a process of liquidation. Chapter 7 is USUALLY the preferred chapter of bankruptcy when someone wants to completely eliminate all of their debts. Repayment plans do not exist in this scenario as individuals concerned seek to completely absolve themselves of high levels of debt. Chapter 7 presents itself as a viable alternative in the wake of hospital bills and other unanticipated expenses. Usually, these debts are so high that sliding payment plans across several years do little to dwindle the amount owed.
Chapter 7 Bankruptcy contains certain restrictions that may prod someone to consult an experienced, knowledgable attorney. While the law office assists with credit card debt, it cannot, under current bankruptcy laws, help clients clear their:
- Child support
- Student loans
- Debts related to fraudulent activities
If maintaining assets like housing and cars remains a priority, individuals may qualify for reaffirmation agreements, but existing debt cannot be discharged or forgiven for 6 years. Even before starting the process of Chapter 7 Bankruptcy, an individual must meet expectations to make some kind of payment to address existing debt. Additionally, the reaffirmation process may seem complicated and fraught with grave decisions as individuals and families decide which possessions they keep while returning certain goods to past and present creditors.
The information above only outlines the key components of Chapter 7 Bankruptcy. As everyone’s financial status and immediate life circumstances can dramatically differ, it’s advisable to speak with a skilled bankruptcy attorney to determine your needs and eligibility for certain programs, including Chapter 7 Bankruptcy. If you or someone you know in Troy, Ohio seeks assistance in filing for bankruptcy, call the Chris Wesner Law Office, LLC for an initial consultation.