How does Chapter 7 bankruptcy help you get rid of debt?
Chapter 7 bankruptcy helps you get rid of debt quickly and affordably and with legal protection from the court. Your unsecured and unmanageable debts like credit cards and medical bills can be discharged. This means you no longer owe the debt – legally. You are able to keep exempt property. Non exempt property will be sold by the court appointed bankruptcy trustee and the funds will be used to pay back the money you owe to your creditors. It is possible to reconfirm secured debts like your mortgage on your home, or car loan, and continue to pay those. Chapter 7 is the fastest and often most affordable path to debt relief and a financial fresh start. Take a look at the following topics to learn what Chapter 7 bankruptcy is all about.