If you are overwhelmed with debt, a Chapter 7 bankruptcy may be the answer to your troubles. A Chapter 7 case has numerous benefits, including:
- Elimination of debt. A Chapter 7 filing allows you to discharge the majority of your debts, especially your unsecured debts. The most common unsecured debts are credit card bills and medical debt.
- Shorter process. A Chapter 7 case takes significantly less time than a Chapter 13 filing. A typical Chapter 7 case lasts 3 to 6 months compared to a Chapter 13 that lasts 3 to 5 years. The Chapter 7 process is the swiftest method for comprehensively dealing with your debt.
- Keeping your property. While a Chapter 7 bankruptcy is a "liquidation," bankruptcy law provides numerous exemptions that allow a debtor to keep most assets including the home, vehicles, wedding rings and retirement accounts.
- Your income. A Chapter 7 trustee is mostly concerned with the amount of your income for the 6 months prior to the date of your bankruptcy filing. Thus, the income you receive going forward is generally not part of your bankruptcy estate.
- Lower legal fees. Due to the shorter time involved, a Chapter 7 case does not last as long as a Chapter 13 case. Thus, your legal fees and costs are typically lower.
The above list is not exhaustive and a Chapter 7 filing can provide many other benefits. It is important to confer with an experienced bankruptcy lawyer to learn if a personal bankruptcy can help you.
At DeLadurantey Law Office, LLC, we help businesses and families find their way out of highly difficult financial situations. We provide the advice and guidance you need in obtaining debt relief through bankruptcy and debt negotiations. We can also assist you in defending a foreclosure action. Contact us at 414-377-0518 to discuss how our Milwaukee bankruptcy attorneys can assist you.