Chapter 7 is a form of bankruptcy that allows you to liquidate your unsecured debt. Common examples of unsecured debts are credit cards, medical bills, payday loans, signature loans, repossession deficiencies, and judgments. If you stop paying unsecured debt there is not any property that the creditor can take from you because there is no collateral.
It is very common for people to get in over their head with credit card debt while shifting balances from one card to another. You’ve probably experienced it yourself. The lure is enticing with zero percent interest and free money. You would file Chapter 7 after you have exhausted all of your non bankruptcy options. However, it is all too common for people to make minimum payments for years, and attempt to work with their creditors, just to find themselves no better off than when they started. Therefore, Chapter 7 Bankruptcy is a responsible way for you to reorganize your finances, liquidate your debt, and achieve the fresh start you deserve. If this sounds like something you are interested in, please complete our online evaluation form and set a free consultation with Youngblood Law today. We dedicate ourselves to solely filing bankruptcy cases, and would be happy to assist you on your journey to financial freedom.