Bankruptcy Chapter 7

Liberty Credit Law, PC - Helping Clients Navigate Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also referred to as “liquidation bankruptcy” or “straight bankruptcy”, is a form of bankruptcy that involves the liquidation of a person’s property or unsecured debts. Liquidation is the process of assessing debts and selling or using personal assets to pay debts back. When a person successfully files for Chapter 7 Bankruptcy, he/she will be able to repay debts while living within his/her means. The person’s debts are then cancelled through liquidating property for the benefit of creditors.

In most cases, the Bankruptcy Chapter 7 process takes approximately 4 to 6 months to complete. People who have filed for this type of bankruptcy within the past 6 to 8 years are not eligible to file again. Additionally, people must meet their state’s eligibility requirements before they can proceed with filing for Chapter 7. Eligibility is usually determined after assets, debt and income have been reviewed thoroughly.

Working with a Bankruptcy Chapter 7 Lawyer

One of the best things a person can do when he/she is thinking about filing for Chapter 7 Bankruptcy is to consult with a professional lawyer who has numerous years of bankruptcy law experience. By working with a knowledgeable bankruptcy attorney, people will receive the information they need to determine if filing for bankruptcy is the right choice for them. People will also be provided with information on eligibility, the Bankruptcy Chapter 7 process and what will happen in the years following their bankruptcy. At Liberty Credit Law, PC, we have assisted hundreds of clients nationally that chose to file for bankruptcy. We are more than willing to lend our expertise, advice and services to you, too.

If you would like assistance with a bankruptcy chapter 7, contact our law firm to schedule a free initial consultation today!