This Chapter of Bankruptcy is most commonly referred to as “total bankruptcy” or “liquidation.” It is for individuals who are seeking a FRESH START. Eligibility for this chapter is based on a calculation of HOUSEHOLD INCOME and an evaluation of your assets.
Individuals or married couples who qualify for this chapter are able to “wipe out” or DISCHARGE their unsecured debt obligations, with certain limitations. People who qualify for this chapter may be able to retain and pay for other secured debts while “wiping out” credit cards, medical bills, repossession deficiency balances, lease deficiencies, unsecured loans, and even old tax liabilities.
The typical Chapter 7 bankruptcy case lasts approximately 4 months from the filing date to the discharge, and usually only requires one court hearing. Chapter 7 is a quick way to rebuild your credit, which is why this chapter is for those seeking a FRESH START.
Give us a call today at 404-566-8699 to go over you case.