- Collection efforts stop. The automatic stay is effective as soon as you file your case and it prevents any further debt collection activity against you. This means harassing telephone calls, letters and even lawsuits come to a halt.
- Assets. Most people do not realize that the majority of Chapter 7 debtors are allowed to keep most, if not all, of their possessions. The law provides numerous exemptions that protect items such as your house (within limits), vehicle, qualified retirement accounts, household goods, and other valuable items.
- Eliminate debt. Your unsecured debt, such as credit card and medical bills, is usually eliminated in a Chapter 7. This means that you can discharge thousands of dollars of debt! By eliminating your unsecured debt, it can make it possible for your to pay your secured debt, such as your mortgage or vehicle loan.
- Quick debt relief. A typical Chapter 7 case lasts four to six months. It is one of the fastest and most comprehensive means for handling debt. All of your creditors participate, so when you emerge from your case, you truly have a fresh financial start.
- Faster recovery. Because the Chapter 7 process is not lengthy, you can begin rebuilding your credit and changing your financial habits sooner. With patience and hard work, you will likely improve your credit score quicker than you might expect.
If you are drowning in debt and considering filing a personal bankruptcy, let us help. We can review your individual finances and help you understand how a Chapter 7 could benefit you.
If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of student loan law, Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.