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If you are having difficulty paying your bills or keeping up with debt payments, then Chapter 7 bankruptcy might be right for you. While many people see bankruptcy as a last resort, it can provide financial relief from hardship caused by unemployment, underemployment, disability or medical bills.

Chapter 7 bankruptcy allows you to have most, if not all, of your debts forgiven. When you file for Chapter 7 bankruptcy, a trustee is appointed by the court to sell certain property that is valued above a certain amount. The money received from the sale of the property is then used to pay your creditors. However, people who file Chapter 7 bankruptcy typically get to keep their property.

What are the benefits of filing Chapter 7 Bankruptcy?

Immediately after filing Chapter 7 bankruptcy, the court will order an automatic stay preventing your creditors from attempting to collect on the debt that you owe. That means no more phone calls, and no more letters demanding payment. Under Chapter 7, you will only repay debts that you and your attorney decide need to be paid based on priority. However, creditors who are attempting to repossess secured collateral may be allowed by the court to seek repossession.

Filing Chapter 7 ends with the discharge and forgiveness of your debt. However, certain categories of debt cannot be discharged in bankruptcy. For example, most student loans, alimony and child support are not dischargeable under Chapter 7.

Upon the conclusion of a Chapter 7 filing, your credit will be impacted, sometimes for the better. Though Chapter 7 will affect your creditworthiness, it may not be as significant as the collections actions you are currently facing.

Are you eligible for Chapter 7 Bankruptcy?

You may not be eligible for Chapter 7 bankruptcy if your income is too high. If your income is too high for Chapter 7 bankruptcy, you may be eligible for Chapter 13 bankruptcy. You should not assume that your income is too high to qualify for Chapter 7 bankruptcy. An experienced North Carolina bankruptcy attorney can help you determine if Chapter 7 is right for you based on your income level.

There may be other limitations that would prevent you from filing Chapter 7 bankruptcy. For example, if you received a discharge of your debt through Chapter 7 in the last eight years, then you will not be able to use Chapter 7 to discharge your current debt.

Every case is different, which is why it is important to speak with an experienced North Carolina bankruptcy attorney before making a decision to file for Chapter 7 bankruptcy.

Hire A North Carolina Bankruptcy Attorney

If you are suffering suffering from the high cost of hospital bills or unemployment, Chapter 7 will provide much needed financial relief you and your family needs. The Chapter 7 process is quick, with most cases being resolved within six months of filing.

If you are considering Chapter 7 bankruptcy, then you should seek the advice of a North Carolina bankruptcy attorney. Your bankruptcy attorney will ask to see your pay stubs and debt related paperwork from creditors. Together, you and your bankruptcy attorney can look at your income and debt to determine if Chapter 7 bankruptcy is right for you.

If you have any questions about bankruptcy, or are considering filing for bankruptcy, contact Mills Law today to schedule a consultation with a qualified North Carolina bankruptcy attorney.

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