CHAPTER 7 BANKRUPTCY
Larsen Law Firm
801-899-1112
A Chapter 7 Bankruptcy is considered a “Liquidation” Bankruptcy.The vast majority of Bankruptcy filings fall under this chapter.The general idea in a Chapter 7 Bankruptcy is that most of the debtor’s financial obligations are completely “wiped away” excusing the debtor of any future liability (you don’t have to pay it back).
Debt that can be “wiped out” in a Chapter 7 Bankruptcy includes; Credit Card Debt, Medical Bills, Judgments, Personal Loans, Auto Repossessions, Home Foreclosures, Business Loans, Pay Day Loans as well as other types of secured and unsecured debts.
What will a Chapter 7 Bankruptcy do for you?There are many advantages to filing a Chapter 7 Bankruptcy; most of these advantages take place immediately upon filing your Bankruptcy.Some of these advantages are:
- 1) Creditors must stop calling, emailing, sending letters, etc. (They go away forever!)
- 2) Wage Garnishments immediately stop
- 3) Law Suites are stayed and may go away all together
- 4) Home foreclosures may be stayed for a time
- 5) Auto Repossessions may be stayed for a time
- 6) Dissolve a business and walk away without personal liability
You get a FRESH START!