Chapter 7 bankruptcy is a legal filing that involves selling your non-exempt assets to pay off your debt, in turn letting you keep most of your essentials. A court ordered trustee will take all of your non-exempt assets for you and pay off your creditors, distributing funds out evenly. How will you know who qualifies and who does not for Chapter 7 relief? Making less than average income and being in deficit way over your head should qualify you to ask for chapter 7 bankruptcy for a law firm in Tucson.
When claiming Chapter 7 bankruptcy there are some items that you will be able to keep and some that you will be asked to give up. Every debtor's situation will be different, but this is a standard run down of items included. Vacation homes or second homes, bonds and investments, family inheritance and collectible valuables, and second cars are some of the non-exempt assets. Household equipment and furnishings, public benefits, cars up to a certain value and equity in your residence are a list of exempt asset samples.
Filing for bankruptcy doesn't positively mean that you will get out of all your financial responsibilities. Chapter 7 filing will come along with non-dis-chargeable and dis-chargeable debts. Dis-chargeable items can include leases, credit card debts, personal advances, and auto accident claims. Non-dischargeable items include trust fund taxes, student loans and child support, as well as restitution and legal fines.
When you decide to file for Chapter 7 bankruptcy, you will begin to see some of the benefits quickly. The first thing will be a halt to all collector harassment. You will no longer be harassed by creditors and collectors by order of the court. It will also put an automatic hold on home foreclosures. It is advised that you work out a reasonable payment option to deal with your mortgage. Liens, on the other hand, will have to be eliminated by getting a court order.
Filing bankruptcy of any kind is a major, life changing decision. Hiring someone you can trust will be crucial. A qualified bankruptcy lawyer from Eric Ollason, Attorney At Law in Tucson, is needed when you decide to do something that will change your life forever.