Owensboro Chapter 7 Bankruptcy Attorney
If you have dischargeable debt and relatively few assets, Chapter 7 bankruptcy may be the right option for you. This chapter of bankruptcy allows people to make a fresh financial start by eliminating much of their debt.
At David M. Taylor, P.S.C., we will review your finances, assets and debts before recommending bankruptcy. If Chapter 7 seems like a good solution, our experienced bankruptcy lawyer will discuss the process with you. Most Chapter 7 filings are straightforward matters that are resolved quickly, allowing people to move on without being burdened by debt.
We offer flat fees for Chapter 7 bankruptcy. Please contact our Owensboro Chapter 7 bankruptcy lawyer to learn more.
Generally, people use Chapter 7 to discharge certain types of debt, including credit cards, medical bills and personal/signature loans. These debts are considered unsecured because there is often no tangible collateral.
To discharge secured debts in Chapter 7, you must return the collateral to the creditor. If you cannot keep making the loan payments on a car, for example, you must return the car to the creditor. However, there are exemptions that allow people to keep some assets, including homes and cars. Each case is unique, so it’s best to speak with an attorney to learn how the law will apply to your case.
When you file, you will receive the benefits of the automatic stay, which prevents creditors from harassing you, garnishing your wages and filing liens against you. The automatic stay is effective once the bankruptcy is filed with the court.
If you exceed the income limit for Chapter 7 or have more assets you wish to keep, Chapter 13 bankruptcy may be a better option. We will explain the differences to you and help you decide how to proceed.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.