Discover Debt Solutions with Chapter 7 Bankruptcy
Chapter 7 is the most recognized form of bankruptcy, and is the fastest and most straightforward type of bankruptcy. Chapter 7 bankruptcy is known as a liquidation. However, in over 90% of all Chapter 7 bankruptcies, no assets are liquidated. This is because an individual is allowed to exempt (protect) many of the assets owned by ordinary individuals. The term liquidation is used since non-exempt (unprotected) assets are liquidated to partially pay creditors. Chapter 7 discharges (eliminates) most types of debt. Among the types of debt Chapter 7 cannot discharge are: debts incurred due to fraud or embezzlement, domestic support obligations (child support, maintenance, etc.), most student loans, and most governmental fines and restitution orders. If you think chapter 7 bankruptcy may be the answer for you, then let Parnell & Associates PC use their 25 years of bankruptcy experience to help you file.
Times to consider chapter 7
- Unable to meet your bills as they come due
- You have been sued, levied or garnished
- Debts exceed assets
- Payday loans prevent you from moving forward
Chapter 7 wipes out
• Credit card debts
• Medical bills
• Personal loans
• Taxes, in some circumstances
Most clients of Parnell & Associates PC are referred by attorneys, other professionals or prior clients.