18 Jul What Is Chapter 7
If you are wondering what is a chapter 7 bankruptcy you are not alone. Our office gets asked this question all the time and I often tell clients it is a way to get rid of your debt and keep most of your property. In many cases clients think if they file for bankruptcy protection they will lose all of their assets including clothing and household goods. In most cases clients are entitled to bankruptcy exemptions that protect all the things they need to get a fresh start. It is the job of the attorney to make sure that you maximize your available exemptions to make sure you get to keep the property you are entitled to.
Chapter 7 bankruptcy also means that in some cases clients have to make tough choices about assets they want to keep. In most cases where clients are upside down on their home, they are best off letting the home go. If the clients have expensive vehicle payments, they are best off letting the vehicle go back to the bank. The goal of the fresh start is to get rid on large monthly payments, and focus on building an emergency savings fund, that allows people to get through hard times without resorting to the use of credit cards. A good article regarding is found at the following link: http://www.chicagotribune.com/business/ct-biz-0624-giordanos-martino-side–20120623,0,7258390.story.