Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is commonly known as a liquidation of debts. In a Chapter 7 Bankruptcy, you can discharge all permitted debts and keep all exempt property. Qualification for Chapter 7 generally depends on your average monthly income or disposable income remaining after certain debts are paid.
Fortunately, in a Chapter 7 Bankruptcy, the Bankruptcy code allows you to protect certain assets. In many Chapter 7 cases, there is not even enough non-exempt property to result in the actual liquidation of the debtor's assets. These cases are commonly referred to as "no-asset cases."
The Law Office of Steven Benson is here to discuss whether a Chapter 7 Bankruptcy would work for you and whether your property would be considered exempt or non-exempt.
Please feel free to Contact Us today to receive your free personalized case review.