Filing chapter 7 bankruptcy provides businesses, married couples and individuals with a fresh start. Most of the unsecured debt in a Chapter 7 is dischargeable. A dischargeable debt is a debt that you are no longer legally obligated to pay back. People struggling with credit card debt, past due utility bills, medical bills, payday loans and other unsecured debt get relief within a few days.Once a chapter 7 bankruptcy is filed the automatic stay is immediately imposed. This means your creditors can no longer call, send letters, attempt in any way to collect a debt or garnish your wages.
If you want to keep secured debt and you qualify to do so, such as your home and/or vehicle, you must be current on the payments of those secured debts. Secured debts must continue to be paid if you are going to keep the property.
A chapter 7 bankruptcy is typically completed in four to six months. Once the bankruptcy is completed you will receive a discharge order. At Keller & Almassian, PLC our experienced bankruptcy attorneys have helped tens of thousands of clients receive their discharge orders and gain financial freedom and a fresh start in life.
To find out if you qualify for a chapter 7, call Keller & Almassian, PLC and one of our attorneys will conduct a means test calculation. Our attorneys provide a risk free no-obligation consultation to go over your options.