Bankruptcy

Chapter 7 Bankruptcy

If you are feeling overwhelmed by debt and are at the point where you are struggling to move forward, a fresh start in bankruptcy may be the relief you need.

Filing for bankruptcy is a common occurrence for many regular, responsible people—in fact, nearly 1 million families file for bankruptcy each year in the U.S. For most, significant life events have led to filing for bankruptcy, including:

· Medical issues
· Loss of employment
· Expensive mortgages
· Financial issues stemming from a divorce

A Chapter 7 bankruptcy case is a liquidation of any assets you have which are otherwise not exempt from liquidation under state and federal exemption laws. The funds from the sale of your non-exempt property, if any, are then disbursed to your creditors. In exchange for this, the bankruptcy court will issue an order discharging you from most of your debts. The most common exceptions to discharge are taxes, family court orders, student loans (in almost all circumstances), and debts incurred through fraud or other bad acts. The attorneys at Davis Blase Stone & Holder can advise you regarding how you may be able to keep your home, cars, retirement accounts, and other assets while shedding as much dischargeable debt as possible.