Bankruptcy Chapter 7 Helps People Who Are In Major Debt
If you are interested in learning about filing for bankruptcy chapter 7 maybe this will help you.
Chapter 7 bankruptcy is sometimes called a straight bankruptcy. It is a liquidation proceeding. The person who is in debt turns over all non exempt property to the bankruptcy trustee who then gives cash to the creditors. The person in debt then receives a discharge of all dischargeable debts which usually takes about four months to complete. In most of the cases the debtor has no assets that he would lose so chapter 7 will give the person a fresh start. One of the purposes for having the bankruptcy law is to give the person who is in debt and can’t get out of it a fresh start by wiping out that person’s debts.
So if you don’t own a home or vehicle and are in need of assistance with all of your debts you should talk to a bankruptcy lawyer today.