Pennsylvania Bankruptcy Lawyer
Charles Laputka Explains Chapter 7
In a personal bankruptcy
chapter 7, debtors wipe out
their debts and get a fresh
start.
Chapter 7 bankruptcy is a
liquidation where the trustee
collects all of the debtors
nonexempt assets and sells
them.
Alimony, child support, fraud
debts, certain taxes, and
certain items charged cannot
be discharged in a Chapter 7
bankruptcy.
In the vast majority of cases,
people filing for bankruptcy
will have large credit card
debt and few assets.
In a Chapter 7 personal
bankruptcy, all debts are
wiped clear.
If debtors decide that they want
to keep their house, car, or
furniture and reaffirm the debt,
debtors cannot declare
bankruptcy on that debt for six
years.
If one can't repay their
debts, then federal
bankruptcy may be an
option for them.
It is usually recommended to
consult with an experienced
bankruptcy attorney if one is
considering filing for personal
bankruptcy.
If one decides to file for
bankruptcy on their own,
the process could be
confusing for them.
Talk to an expert first
before starting on the
bankruptcy paperwork.
Find Out More At
https://www.laputkala
w.com/