One of the most well-known forms of bankruptcy, chapter 7 comes with many unique qualities. Although bankruptcy can be a stressful time in your business and personal life, it is not at all as bad as it may sound. With the right bankruptcy attorney by your side, you can actually find a wellspring of financial benefits. Here are just a few things to look forward to when you partner with a Chapter 7 Bankruptcy attorney.
With a successful Chapter 7 Bankruptcy case, you can finally be rid of most types of troublesome debt. Although there are some that are not pardonable (i.e. student loans and specific taxes) it still stands that there you have a new realm of freedom. You also won’t have to worry about repaying the court either.
Once Chapter 7 Bankruptcy is filed and completed, you cannot file another Chapter 7 case for at least 6 years. However, if something happens and you do need to file for bankruptcy during that 6-year period, you are allowed to file for Chapter 13 Bankruptcy.
Just because you are in the process of liquidating assets doesn’t mean you have to sell off everything you have. We can negotiate exemptions from the case, giving you items you normally wouldn’t expect to keep during the liquidation process.
Once the case is filed, it is a relatively fast process (about 3-4 months) to settle the case and discharge your debts. And once they are gone you won’t have to worry about them at all.
When you work with a Chapter 7 Bankruptcy attorney, you will find that there is no restriction on the amount of debt you need to pay off. That includes debt that is secured or unsecured.
There are many more opportunities available for your bankruptcy case. However, a successful bankruptcy case requires more than just an understanding of the basic requirements. It requires a bankruptcy attorney who can articulate how your unique situation requires certain benefits. Whether you are interested in filing a Chapter 7 case, or if you are curious about other possible cases, please be sure to contact RLC today.