What Do You Know About Chapter 7 Bankruptcy?
You’ve definitely heard of Chapter 7 bankruptcy, and you probably know that it can help with debt problems. But most people don’t quite understand what this chapter of bankruptcy means in comparison with the others. It’s one of two chapters designed to help people facing debts that they cannot handle, and Chapter 7 bankruptcy attorneys help people with these problems every day.
At Marberry Law Firm, P.C., we know all about the difficult debt problems facing our clients in Des Moines and Urbandale. We make our clients understand how much we care about them with each filing we make and each problem we solve. We can offer you debt relief options that make sense for your individual situation.
Why Would Chapter 7 Be Right For You?
Simply filing for bankruptcy can put a halt to all debt collection efforts, stop foreclosures and provide relief in other ways. However, each chapter works a bit differently and is appropriate for different people. Chapter 7 is most appropriate for:
- People with fewer assets
- People with lower income
- People who wish to resolve bankruptcy quickly
Chapter 7 bankruptcy is a faster bankruptcy method, as it compiles all your debts and liquidates all of your nonexempt assets. It pays one lump sum to your creditors and discharges the rest.
However, the debt discharges will not typically include all the available debts. Certain debts cannot get discharged through any type of bankruptcy. These include the following:
- Student loans
- Child support
- Tax debts
- Fines
We are Chapter 7 bankruptcy lawyers who can confidently and carefully guide you through the challenges of this process.
Bankruptcy Can Help You Take Back Control
Many clients come to us to say they want to avoid bankruptcy as much as possible. However, bankruptcy can be one of the only sure ways to reclaim your agency in your financial future. We want to help you start over. Call us for a consultation at 515-989-6794 or send an email using this form.
Ours is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.