Chapter 7 bankruptcy is the most common type of bankruptcy because it gets rid of most debts – not all though. There are some considerations to keep in mind before moving forward; such as your income, unprotected assets, etc.
There is no repayment plan with Chapter 7. You file, and ninety days later, your debts are discharged, which means you don’t have to repay those debts. Numerous types of debt are forgiven in Chapter 7 such as medical bills, credit cards, personal loans, mortgage deficiencies, judgments, repossessions, and other unsecured debts. However, student loans, some taxes as well as other types of debts cannot be eliminated, which is why you need our Broomfield chapter 7 bankruptcy attorneys to help you.
Chapter 7 is known as a “liquidation bankruptcy.” This means a trustee who is appointed by the bankruptcy court can take and sell certain assets owned by you for the benefit of your creditors. Guns, timeshares, tax refunds, and other property can be seized and sold by the trustee. The proceeds are then distributed to your creditors. Whatever remains unpaid goes away. However, with proper planning and help from our seasoned Broomfield debt lawyers, you can ensure you keep the property that is important to your life, which is another reason to contact us for help.
If you are interested in learning more about Chapter 7 bankruptcy, or another debt relief option; fill out our form or contact us to receive a free consultation. Our Broomfield chapter 7 bankruptcy attorneys are happy to provide the help you require in your effort to conquer your debt. We are proud to help Coloradans in Broomfield, Denver, Arvada, Aurora, Centennial, Lakewood, Thornton, and Westminster with chapter 7 bankruptcy.
