If it feels as though you’re drowning in debt, consider how Chapter 7 bankruptcy helps New Albany residents get out from under the shadow of rising debt. You can make a fresh start with your finances under the protection of Chapter 7 bankruptcy exemptions. Speak with an attorney from OBryan Law Offices about your situation to find out what your options are.
You may have heard one of the myths circulating about Chapter 7 bankruptcy that is keeping you from finding out more about its benefits:
- You’ll probably lose your home, your vehicles and your property
- Your retirement cannot be protected under Chapter 7
- You’ll destroy your credit and never make a full recovery
- It’s too difficult to qualify for Chapter 7 bankruptcy in New Albany
- You can only file once under the law
If you’ve been led to believe one or more of the falsehoods regarding Chapter 7, we invite you to take a fresh look at how filing under the Chapter 7 heading can actually protect more of what you own. Fortunately, there are exemptions in place to protect your fundamental possessions, including your home, vehicle and most of your personal possessions. Unless you have substantial equity in your home, or own a luxury vehicle, your best best will probably be through Chapter 7.
OBryan Law offices can help you sort out the myths from the truth regarding Chapter 7 bankruptcy in New Albany, so you can make an informed decision as you move forward. If you dream of getting out form under debt and are looking for a way to start over with your finances, OBryan Law can help you find the best way to do that.
Not all of your assets will be required to be liquidated under Chapter 7 bankruptcy, in fact, in most cases, the debtor is able to keep most if not all of what they own. Most unsecured debts are eligible for discharge under Chapter 7, meaning the debts that you acquired which are not backed by collateral. While certain obligations do not apply, including student loans and recent tax, there are numerous debts that do apply, such as credit card debt, medical bills, and revolving loans. OBryan Law will walk you through the process of taking the bankruptcy means test to see if you qualify.
It’s essential that you work with a qualified bankruptcy lawyer to help you file your assets properly under Schedule C. Any assets not filed under an exemption may be subject to liquidation; it’s just not worth it to take a chance when it comes to what you own. Many of the Chapter 7 bankruptcy cases in New Albany that OBryan Law Offices file are ‘no asset’ cases which come with no risk to the debtor.
Visit the OBryan Law website to learn more about chapter 7 bankruptcy in New Albany. Connect with an agent through Live Chat for immediate answers to questions you have, or to help get set up taking the means test to determine whether you qualify for bankruptcy. If you do, there’s a very good chance you can become debt free under Chapter 7 while keeping your possessions.Chapter 7 Bankruptcy New Albany
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