Chapter 7 Bankruptcy
Who should consider filing a Chapter 7:
- People who have little or no disposable income
- Those who are looking for a fresh start
- Loss of income in the household
- Those who can’t pay the household bills because of divorce or death of a spouse
- Those who have a garnishment against their wages or bank account
- Those who are laden with consumer debt
How will a Chapter 7 help?
- Discharge all unsecured debts
- Immediately stop all harassing calls and collection activities
- End garnishments and put you back in control of your accounts and income
- Allow you to begin repairing and restoring your credit worthiness
- Provides an opportunity for you to take control of your financial future
Many people that contact me about bankruptcy are concerned that they have been or are about to be garnished, or they are about to lose their home. They are worn down by the aggressive collection efforts and phone calls and have lost the ability to control where their money goes.
There are several myths associated with chapter 7 bankruptcy: “Will I lose my house and car if I file?”. You will not lose your house or car if you are current on the payments and there isn’t a significant amount of equity.
“Will the Court make me sell all my stuff?.” You are allowed to keep a significant amount of possessions, jewelry and household goods. In most cases, my clients get to keep everything.
“If I file bankruptcy is that going to affect my present or future spouse’s credit?” No. It only affects the person filing. And in the case of the person filing, it often is the beginning point of repairing and improving that person’s credit rating and worthiness.
“Will I lose my tax refund”? Not necessarily. There are portions of your tax refund (i.e. Earned income credit or child tax credit) that are exempt from bankruptcy.
Contact Robert Caplan, an Experienced Columbus Bankruptcy Lawyer
I can help you to evaluate your financial options, and to put a stop to the harassing phone calls and letters from creditors and collectors. Contact me today, or call (614) 252-2026 to schedule a free consultation, and let’s begin to work together to bring an end to the pressure, and hope for your future.