A New Beginning With Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows you to discharge unsecured debts such as credit card debt, outstanding medical bills, old tax debt and lawsuits. When you discharge debts in bankruptcy, your debts are wiped away, allowing you to have a fresh start.
A major benefit of Chapter 7 is that it protects you with an automatic stay. You are shielded from creditor harassment, lawsuits and wage garnishments. There is an income limit to file for Chapter 7. Chapter 13 bankruptcy is another great resource to eliminate and reorganize overwhelming debts for those who exceed the income limit for Chapter 7. At Martinez Law Firm, LLC, our experienced lawyer can help you file for the bankruptcy solution that fits your unique circumstances.
Common Misconceptions About Chapter 7 Bankruptcy
Clients are often reluctant to file for Chapter 7 bankruptcy out of fear that they will lose all property and assets. However, the bankruptcy code provides you with a large number of exclusions that allows for you to keep most of what you own. When filing Chapter 7, you may need to make some compromises, but you will likely be able to hold onto those items you value most – including you house and your car. Chapter 7 allows for you to keep select assets while focusing on other major debts. We can help you create a plan to keep what matters most to you.
It is important to understand that some assets are protected no matter your circumstances. Some financial accounts cannot be garnished by creditors or touched in bankruptcy. Pension plans, trusts and most retirement plans (including 401(k) accounts) are completely exempt.
Although Chapter 7 is useful for most clients, it is not right for everyone. Chapter 7 will not eliminate student loans, child support payments, criminal charge fees and newer tax debt. People facing these types of debts still have options. We can help determine the debt solution that is right for you.
Schedule A Consultation To Learn More About Your Options
At Martinez Law Firm, we take a compassionate approach to bankruptcy law. Our attorney will sit down and explain the process to you. We will find the solution that fits your financial situation. Se habla español. Call our office in Lakewood, Colorado, today for a free initial consultation at 720-889-3355 or you can schedule an appointment online.