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We can help! Call now for a FREE Debt Consultation! 480-968-3100 or toll free at 1-800-790-8616 A Chapter 7 Bankruptcy is a liquidation bankruptcy in which the individual debtor seeks to discharge as much of their debt as possible and obtain a fresh start. In Chapter 7 you can discharge most debts, including credit card debt, payday loan debt, medical debt, certain tax debt, and judgments resulting from lawsuits and deficiency judgments from repossessed cars or foreclosed upon homes. Some debts will not be discharged. It is important that you pick the best bankruptcy attorney to properly prepare the required documents for you. The attorneys at McDonald Law Offices has been successfully preparing and filing these documents for over 22 years. If you have a secured debt such as a mortgage, you have the option of surrendering the house and discharging the debt through the Chapter 7, or if you are current on the payments and the house is exempt, you can keep the house as long as you continue to make the payments. The court will appoint a Chapter 7 Trustee to take possession of, and sell, non-exempt assets. Whether the trustee will take property from you to sell it is governed by the trustee’s judgment as to whether sufficient money will be realized from the property to cover his expenses and pay for his time. We have found in our cases that sometimes the trustees do not take any property unless they can expect to realize around $1,000 or more from all of the property taken from a single estate. Some kinds of property will be very inexpensive for the trustee to collect. All he has to do to collect cash, bank accounts, and tax refunds is to require you to turn it over to him. Other property can easily be liquidated because there is a ready market for it, like a non-exempt car, for example. Some things may be expensive or difficult to handle such as livestock, for example, and the trustee may be more reluctant to take that kind of property. We can help! Call now for a FREE Debt Consultation! 480-968-3100 or toll free at 1-800-790-8616 |