Chapter 7

A Chapter 7 bankruptcy is the way of gaining control of your financial problems! A Chapter 7 bankruptcy is often called a "straight" bankruptcy or "fresh start." It is commonly used to “wipe out” all of an individual’s debts. Just like a Chapter 13, a Chapter 7 bankruptcy is governed by federal law. Chapter 7 allows debts to be discharged without a monthly payment plan. In fact, unlike Chapter 13, which requires monthly payments over a period of 3-5 years to obtain a discharge of debts, a Chapter 7 discharge can be obtained in a matter of about four short months. Filing a Chapter 7 bankruptcy allows you to completely eliminate debts such as loans, old utility bills, medical bills, collections, credit cards, and other unsecured debts. A Chapter 7 also allows you to keep your necessary secured property such as your home and cars subject to exemption limits. In fact, most people can file a Chapter 7 and keep all of the property that they own. Chapter 7 also gives you protection from wage garnishments, creditor harassment and collection calls. The first step is to determine if Chapter 7 is the best option for you. Setting up an appointment to meet with one of our attorneys is the right step in getting the answers and help you need.

Chapter 7 does not insure that you will be able to keep all valuable property, but as we said, most people will not lose any assets! If you own too much property, you may have to surrender it or give it up in order to get your debts discharged. This is because bankruptcy laws only allow a Chapter 7 debtor to keep a certain amount of property, which is "exempt" from the bankruptcy. For those who own property that is not exempt and wish to keep it, Chapter 7 may not be the best option, but a Chapter 13 will likely solve their debt issues. Also, a Chapter 7 will not allow you to catch up past due home or car payments and still keep the property. For those who are behind on property payments but want to keep the property, Chapter 7 is not the best option, but don’t give up hope because a Chapter 13 can help! To find out if Chapter 7 or Chapter 13 bankruptcy is the right choice for you, call The Sellers Law Firm. Our experienced bankruptcy attorneys can advise you on what steps to take to gain control of your financial life! Call today for your free consultation. Doing nothing, changes nothing!

Remember, we have an office near you, and we can normally see you within 24 hours. We are located in Montgomery, Selma, Greenville, and Troy. Call 334-LAWYERS (334-529-9377) today to start getting the help that you need!

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