Chapter 7 Bankruptcy
Times are tough all over. With a shaky economy and the possibility of a layoff or downsizing looming, overwhelming credit card bills and other mounting debts can easily accrue. Are you, your family or small business in dire straits? Debt relief through a Chapter 7 bankruptcy filing may be a viable option for making a fresh start.
For more than 30 years, the bankruptcy chapter 7 lawyers at the Bunch & Brock Law Firm in Lexington, Kentucky have helped clients who are overcome by financial problems. Attorneys at our firm take a personalized approach to both you and your situation, helping to determine if filing for Chapter 7 is the right choice for you.
To discuss your options for debt relief, contact Bunch & Brock today.
What is Chapter 7 Bankruptcy?
Chapter 7 is known as a liquidation bankruptcy. It can be filed by either individuals or businesses. In a Chapter 7 bankruptcy, a portion of your property may be sold to pay down your debt. Following the sale of your property (and the use of those proceeds to pay secured debt), most or all of your unsecured debts will be discharged.
You may be allowed to retain possession of any property classified as “exempt” under the bankruptcy laws: these assets can include clothing, cars, equipment used for work (like tools) and household furnishings. If you do not own a great deal of property, your possessions may be all be exempt, qualifying you for a “no asset” case.
Am I Eligible for Chapter 7?
Not everyone is eligible for Chapter 7 bankruptcy protection. Your income and debt will be subjected to something called a “means test” to determine if you qualify. If you are not eligible for Chapter 7, filing for Chapter 13 may still be an option.
Will Filing for Bankruptcy Erase My Debts?
Filing for bankruptcy does not discharge all debt; it can eliminate credit card debt, medical bills and unsecured loans, though. You will remain responsible for other debts including child support, spousal support obligations, student loans and most unpaid taxes.
Contact Bunch & Brock
The longer you wait to explore your bankruptcy options, the more stress and worry you will endure. Contact Bunch & Brock to learn about your options for a fresh financial future.