Bankrupcty Experts
Not sure whether bankruptcy is the right option for you? A local bankruptcy attorney can answer your questions and explain the bankruptcy process to you. Schedule your free, no-obligation call right now!
Bankruptcy Questions
The main reasons for the bankruptcy process is to give the opportunity to a man or woman, who is burdened with debt beyond hope, to free themselves of the debt and start over.
Bankruptcy Answers
To enter into bankruptcy, you must be insolvent, meaning that you owe over $1,000, and that you are unable to make your payments when they are due.
If you have no assets, then Chapter 7 bankruptcy or liquidation, is probably for you, and you can receive a discharge in a few months. Chapter 7 bankruptcy, or liquidation, is very common. A Chapter 7 bankruptcy can eliminate unsecured debt like credit cards, medical bills, old utility bills, and unsecured personal loans, and can generally be completed within just a few months. In a Chapter 7 bankruptcy case, the trustee can sell non-exempt assets to pay creditors, but most people who file for Chapter 7 bankruptcy don’t have any non-exempt assets, and so are able to keep their property while eliminating unsecured debts.