Have your bills been consuming all of your money and you are feeling like you can’t get any relief from them? Lithonia chapter 7 bankruptcy is a legal and outstanding option for an individual who has limited income and a lot of unsecured debt like credit cards. It happens to many individuals for a variety of reasons that bills continue to mount and making the minimum payment doesn’t eliminate the debt. If you were recently divorced, suffered a serious illness, job loss or any other type of life-altering event, it can set you back financially for years to come. Chapter 7 bankruptcy can eliminate the debt.
Chapter 7 bankruptcy is a complete liquidation and also called the ‘Fresh Start Chapter’. An individual must demonstrate to the bankruptcy court they are no longer financially capable of paying their current debts. Every individual that files for bankruptcy must receive credit counseling and they must take a means test. An attorney experienced in Lithonia chapter 7 can explain all of the steps of the process to determine if someone qualifies for chapter 7 or chapter 13 bankruptcy.
During a chapter 7 bankruptcy, an individual is permitted certain exemptions. Once the exemptions are determined and the bankruptcy is filed, the court will appoint a trustee to liquidate any assets that weren’t exempt from the bankruptcy. Swimming in debt is very overwhelming and an individual shouldn’t just stop paying their bills until they contact a bankruptcy attorney. Depending on the situation, some items will remain out of a bankruptcy, including a home or a car. This is why it’s so important to continue to pay for things and receive the necessary legal guidance.
Don’t let an overwhelming financial problem cause any more stress in your life. Bankruptcy is completely legal and can free you from many debts that are too overwhelming to pay. Some things cannot be erased through bankruptcy such as student loans, child support, alimony, certain taxes and other things. For more information about turning debt free and starting a new financial future, please visit Chriscarouthers.com.