Chapter 7 Bankruptcy Overview

Should YOU File for Chapter 7 Bankruptcy Relief?

Does ANY of the following apply to you?

*Credit Card Debt you are unable to pay; or using one credit card to pay off another credit card

* Medical Bills you are unable to pay;

*Wage Garnishment;

*Lawsuit against you;

*Repossession of vehicle;

*Judgments

*Liens.

If YOU answered yes to any of the above, you may be a candidate for Chapter 7 Bankruptcy. Chapter 7 Bankruptcy is the most common form of Bankruptcy and is often called Fresh Start or Liquidation Bankruptcy. In a Chapter 7 Bankruptcy, you can usually discharge (get rid of) certain debts such as: credit cards; personal loans; medical bills; certain types of judgments; some IRS debts; and vehicle repossession debts. Once a debt is discharged in Bankruptcy, the creditor (person you owe the money to) can NEVER collect it, i.e.it is gone forever.

These are the things that you can keep when filing a Chapter 7 Bankruptcy:

*Your home, IF you are paying your mortgage and are current. If you have no mortgage you can still keep it.

*Your vehicle, IF you are making your car payment and are current. You are allowed to have $1,000 equity in a vehicle.

*Up to $1,000 in household goods and/or cash. The value placed on the household goods is a garage sale or pawn shop value.

* Your 401K Plan.

* Your Pension Plan.

* Your Social Security Benefits.

NOTE: You may email any questions that you have about bankruptcy to the author of the above materials at: calh@gate.net