When you are having financial problems for whatever reasons and are considering bankruptcy, it is important to know and understand how it affects your finances and your lifestyle. Chapter 7 Cedar Rapids legal representation can help you with the delicate details of the process, but if you know the basics, you are ahead of the game. The following will give you some information regarding Chapter 7 and how it affects you and your finances.
What is Chapter 7?
Chapter 7 is the most common form of bankruptcy and is also referred to as a liquidation bankruptcy. It eliminates your debt allowing you to start over again with a fresh financial drawing board. Your Chapter 7 Cedar Rapids lawyer can help you with the details of this type of bankruptcy.
What can I keep if I declare bankruptcy?
Bankruptcy is designed to protect you, not take everything away from you. Even if your vehicle is in danger of being repossessed, you can choose whether or not to surrender it or keep it. Vehicles are considered exemptions as are homes, certain retirement plans, furniture, clothing, household goods, and other assets categorized as exemptions.
What happens in Chapter 7?
When you start the proceedings for a bankruptcy, you begin the process of discharging unsecured debts. Unsecured debts are those that have no asset or collateral tied to them. This includes debt like medical bills, utility bills, unsecured loans, and credit cards. You can also surrender your home, car, and other possessions if you want in a Chapter 7 bankruptcy.
Will Chapter 7 Cedar Rapids bankruptcy stop collection calls?
The best part about bankruptcy is that it puts an end to those harassing phone calls you get at home or at work. Some collection companies or creditors can overwhelm you with phone calls every single day. Bankruptcy stops these calls. You can stop the calls by knowing your rights, especially if the calls are harassing or going beyond the scope of their regulations.
Chapter 7 bankruptcy also stops garnishments, repossessions, and foreclosures faster and more effectively than credit counseling or debt settlement. You can get quality Chapter 7 Cedar Rapids legal representation to help put an end to your financial problems. If you are in danger of losing your home and vehicles, or you feel you have no other option, ask for a free legal consultation about Chapter 7 bankruptcy.
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