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This type of relief is also known as “straight bankruptcy”. Chapter 7 gives you a chance to completely eliminate or wipe out certain debt, such as:
Once you file for Chapter 7, you are no longer expected to pay on this debt. There are a few exceptions to the rule. Certain bills cannot be eliminated. The most common bills that you cannot wipe out are:
If you have secured debt, such as an automobile, house, appliance debt, jewelry or any debt in which the creditor has a security interest, you have two choices. You can either keep the items and continue to pay for them, or you can surrender the items and wipe out the debt.
The attorney will review all of this with you.
Most importantly, the attorney will look at the property that you’ve worked hard to get, and explain what property you are allowed to keep. For example, in North Carolina, you are most often allowed to keep a house with $35,000 in equity per owner. The attorney will help you value your home and determine how to calculate the equity.
Chapter 7 was designed to give individuals a “fresh start” and it is meant to wipe the slate clean. Once you file for Chapter 7, your creditors must immediately stop ALL creditor collection efforts, including harassing phone calls, repossessions, garnishments, lawsuits, and the pursuit of a judgment by serving you with a summons.
Bankruptcy is a powerful law that can help you get back on your feet. The information is free!!
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Our attorney is here for you at Weik Law Office. Remember that we serve all of the triangle areas in North Carolina. Call us today for quick and compassionate service.