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Chapter 7 or "Fresh Start" bankruptcy normally allows an individual
or married couple to discharge and/or "wipe out" unsecured debt (most
credit cards, medical bills, signature loans, judgments and deficiency
balances on repossessed items). As regards "secured debt" ie. for
instance, home loans, auto loans, etc. - the debtor may elect to either:
a) surrender the pledged collateral and be forgiven the attendant debt
and/or b) keep the asset and agree to pay for it over time.
When are you a good candidate for Chapter 7 Bankruptcy?
- IF you are unable to pay even minimum payments on credit
cards
- IF you have overwhelming medical bills and do not have
medical insurance to cover the cost of same
- IF you have had an automobile repossessed and are unable to
pay the deficiency balance owed the auto finance company
- IF you have gone through a mortgage foreclosure and are
unable to pay a deficiency balance owed the mortgage company
- IF you have had your bills turned over to a collection agency
and simply can't "catch up" on your obligations
- IF your paycheck has been garnished and your monthly budget
has been materially affected thereby
- IF you have gone through a divorce and been left with the
lion's share of the marital indebtedness
- IF you constantly worry that you cannot pay your bills on
time
[CHAPTER 7] [F.A.Q.] [PROCEDURE] [INFO NEEDED]
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