For many debtors looking for relief from their creditors, Chapter 7 bankruptcy help is the best solution to growing debt and aggressive collection efforts. Filing a petition for Chapter 7 bankruptcy places an automatic “stay” on debt collection efforts until the court has an opportunity to sort out your debts.
Under Chapter 7 protection, the legal code provides for the liquidation, or sale, of your nonexempt property and the distribution of the proceeds to your creditors to fulfill your obligations. Chapter 7 is often the last opportunity for debtors to end the cycle of debt that you find yourself mired in as a result of your bills.
What You need to Know about Chapter 7 Bankruptcy
Unlike Chapter 13 protection, Chapter 7 bankruptcy does not require that you file a repayment plan. Chapter 7 might be the right solution when:
- Your total debts equal more than half your annual income
- You do not have many assets
- The bulk of your debts are dischargeable
- Repaying your debt will take longer than five or six years
Not all debts are dischargeable under Chapter 7 bankruptcy including child support obligations, student loans, and recent taxes. To discover whether Chapter 7 is the right course for you, contact Americor Financial to learn all your options.
Learn More About Chapter 7 Bankruptcy Help
When your financial situation has reached the point where you think you might need legal protections, you need to reach out to the caring experts on staff at Americor Financial. Contact us today to see what your best options are regarding your financial future, and what role Chapter 7 bankruptcy help can play in that future. We will find the debt relief strategy that works for you, so do not delay contacting us to reclaim your life.