A Chapter 7 bankruptcy is a powerful tool that can be used to wipe out most types of unsecured debt, such as credit card debt, personal and business loans, medical debt, apartment leases, cell phone and utility bills, and auto repossession deficiency balances.
It’s important to note that some types of unsecured debt are afforded a special classification under bankruptcy laws. These unsecured debts are referred to as non-dischargeable debts and include child support, alimony, student loans, recent purchases of luxury items, most tax debts, and any type of debt considered to be undertaken using fraudulent methods.
Most of my Chapter 7 clients discharge all of their unsecured debt. Some debts that many people don’t realize are dischargeable include many tax penalties, attorney fees, revolving charge accounts, social security overpayments, veterans assistance loans and overpayments, credit card charges, collection agency accounts, and medical bills.
If you are struggling with unsecured debt that you can’t seem to pay down, it’s time to contact your local bankruptcy attorney and discuss your financial situation. An experienced bankruptcy lawyer can advise you of your chances of successfully discharging your debts using Chapter 7 bankruptcy while allowing you to keep the maximum amount of your property and assets.
Categorized in: Chapter 7