If you are looking to eliminate debt, then filing a Chapter 7 bankruptcy might give you the opportunity to do just that. While a filing a Chapter 7 bankruptcy can eliminate debt, there are some obligations that still have to be honored. If you are attempting to eliminate debt, a Chapter 7 bankruptcy can wipe out most unsecured debt such as:
- Credit card debt
- Medical Bills
- Utility bills
- Certain taxes
- Social Security overpayments
- Revolving charge accounts
- Civil court judgments, unless based on fraud
- Student loans ( in rare circumstances)
- Repossession deficiency balances
- Personal loans
- Money owed under lease agreements
- Collection agency accounts
Filing a Chapter 7 bankruptcy may help you eliminate the above-mentioned financial obligations. Keep in mind that if you have debt that may not be discharged in a Chapter 7 bankruptcy, you can pay it over time if you qualify for a Chapter 13 bankruptcy.
Before you file bankruptcy, it is important to assess whether or not your debts can be discharged. In order to determine this, you have to be able to differentiate between secured debt and unsecured debt. This is when you may the help of an experienced bankruptcy attorney who can not only advise whether you should file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, but also determine if you qualify to file bankruptcy.
At ZocLaw.com, our experienced Chapter 7 and Chapter 13 bankruptcy lawyers will go out of their way to help you with your bankruptcy case. Schedule your free initial consultation today – don’t forget to ask about our flexible payment plans.