What is a Chapter 7 Bankruptcy?
A Chapter 7 is basically a wipe out of all debt. What you’re trying to do is get rid of debt that are not secured by real property or you’re trying to get rid of real property that’s been repossessed or personal property like cars.
So, for instance, in a Chapter 7, what we try to do is get rid of any deficiency balances on cars, any foreclosed home mortgage deficiency balances, all credit cards. The only things we can’t get rid of in a Chapter 7 or a Chapter 13 are alimony, child support, and most student federal loans that are federally insured.
I hope this has been informational for you. I hope it’s helped you out. If you need information today call us today or hit our website, send me an email. We do respond very quickly. If this is an emergency please call our office. We’ll fit you in; we’ll find time for you.
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