Chapter 7 Bankruptcy

Chapter 7 bankruptcy eliminates most unsecured debt, stops wage garnishments, bank levies and most court action.   In Chapter 7, your unsecured debts are usually discharged in a matter of months.  Certain debts remain, including debts secured by real estate or a motor vehicle, student loans, domestic support obligations and income taxes.  Chapter 7 bankruptcy is limited to Debtors who have a certain maximum income and who have a limited amount of assets.  Even small businesses can file for Chapter 7 bankruptcy relief, and are often done so in conjunction with the business owner’s filing an individual Chapter 7 bankruptcy.  With Chapter 7, you are a given a “fresh start”.   After all, “it’s never too late to start over”.

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