Types of Bankruptcy: Chapter 7
Chapter 7, Title 11 of the US Bankruptcy Code covers the most common type of bankruptcy filed in the United States. While it is commonly called a liquidation bankruptcy, only about 0.5% of filings result in the liquidation of property. For the other 99.5%, experienced bankruptcy attorneys help individuals discharge their debts without the significant loss of property.
If you are facing heavy levels of unsecured debt, the Milwaukee Chapter 7 bankruptcy attorneys of the DeLadurantey Law Office, LLC, may be able to help you. To learn more about how we may be able to help, contact us today by calling 414-377-0518.
How Chapter 7 Works
Unlike in Chapter 13 filings –which allow for reorganization of debts – an individual who files for Chapter 7 will not have to devise a repayment plan. Instead, the court will provide a trustee to help you dissolve your unsecured debts. In effect, a Chapter 7 filing can get you a fresh, debt-free start.
While certain rare cases may require you to liquidate certain items, an experienced bankruptcy attorney can help you file exemptions, allowing you to keep:
- Your home
- Tools related to your trade
- Some jewelry
- Retirement accounts
- Damages awards
- Other items
Chapter 7 eligibility laws were changed in 2005, placing some limits on who can file. To learn if you are eligible, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, today.
If you are facing heavy levels of unsecured debt and you do not know how to get the fresh financial start you need, we may be able to help. The compassionate and experienced Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, may be able to help you get the financial security you need. Contact us today by calling 414-377-0518 for more information.