Chapter 7
BANKRUPTCY LAW
Busching Bankruptcy Group
Chapter 7
In a bankruptcy case filed under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out or discharge your debts in exchange for giving up your non-exempt property to your creditors.
This chapter of the Bankruptcy Code provides for “liquidation” – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.
What is Chapter 7 bankruptcy?
• Used to Eliminate or Discharge Debts
• Wipe Out Credit Cards, Signature Loans, Medical Bills, Lawsuits, Cosigned Loan
• Surrender Houses, Cars, Boats, RVs And Wipe Out Remaining Balance
• Relief from Payday Loans and Some Income Taxes
• STOPS all Collection As Soon As Case Filed
Can I keep my property in chapter 7 bankruptcy?
• Most Homeowners Can Protect 100% of Their Equity Even If Home Is Paid For
• Exemptions Help Protect Cars and Household Items
• Protect IRAs, 401(k) and 403(b) Plans, Social Security, Disability Benefits
• Protect Civil Service Retirement, State of Mississippi Retirement, VA Benefits
• Protect Workers’ Compensation, Unemployment, Head of Household Income
• WE Will Always Let You Know If Property Is In Jeopardy of Being Lost
• VERY IMPORTANT To Hire An Experienced Attorney To Protect Your Assets
Why Choose Busching Bankruptcy Group?
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