Many of Your Debts Could Be Forgiven

A Chapter 7 is referred to as a fresh start or liquidation bankruptcy. Generally speaking, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. However, in a Chapter 7 bankruptcy the bankruptcy code allows you to keep certain exempt property: Home, vehicle, and certain personal property. Chapter 7 bankruptcy gets rid of most unsecured debts, like unsecured personal loans without collateral, medical bills, and credit card debt. However, some forms of debt, such as back taxes, alimony and child support, and student loans generally aren't eligible. If this is the case you may want to contact John W. Evans, Jr. To see if a Chapter 13 Bankruptcy maybe your better option.

Not everyone qualifies for Chapter 7 bankruptcy, so you'll want to consult with an attorney before you decide to go this route. Contact the office of John W. Evans, Jr. Attorney at Law today to schedule a no-cost, no-obligation consultation.