One of the particularities of Chapter 7 bankruptcy is that you have the possibility of keeping a part of your property, such as your house, vehicle, homeware or personal items. However, if these items exceed a certain limit (the term for these is exemptions), the trustee can pay the debt by selling some of the remaining assets. Due to the fact that most our clients who decide to file for Chapter 7 bankruptcy are in the situation of having items that exceed this limit, we can conclude that liquidation doesn’t really exists in their case. We would recommend this solution for people who have unsecured debts and don’t have the funds to pay them.
Chapter 7 may be the right solution for both private individuals and businesses. Following Chapter 7 bankruptcy, the client can start anew, because the trustee will cancel the unsecured debt, whether it be parking tickets, credit cards, taxes, personal loans, medical bills, utility bills and so on.
At Subranni Zauber, LLC, we have almost 50 years of experience in Chapter 7 bankruptcy, so don’t hesitate to contact us if you want to know more about it or inquire for a personalized quote. You can read our attorney profiles on the website and to get in touch you can use their email addresses or call us at 1.800.391.5706 and we will schedule a meeting.