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Somerset Chapter 7 Bankruptcy Lawyer
In today’s economy, many people find it more and more difficult to stay financially stable. While there are several options available to those facing financial troubles, people often turn to Chapter 7 bankruptcy in order to have many of their debts discharged.
Chapter 7 bankruptcy may be your best option if you are facing serious financial difficulties. If you have mounting debts that you cannot pay off, contact Somerset Chapter 7 bankruptcy lawyer Francisco G. Harrison, PLC, today at 337-261-8800.
Understanding Chapter 7 Bankruptcy
Chapter 7 bankruptcy is available to both individuals and businesses. This type of bankruptcy is a liquidation bankruptcy, which means you may have to liquidate some of your assets in order to pay off your debt. After the money from the liquidation sale is distributed among your creditors, you are free from most of your debts.
Somerset Chapter 7 bankruptcy attorney Francisco G. Harrison, PLC, can help you better understand this form of bankruptcy by answering your questions about:
- The Benefits of Chapter 7 Bankruptcy
- The Means Test and Chapter 7 Bankruptcy
- Dischargeable and Non-Dischargeable Debts
- Small Business Liquidation
Knowing more about the Chapter 7 bankruptcy process can help you make a well-informed decision regarding your financial future.
Liquidating Assets
One of the main characteristics of Chapter 7 bankruptcy is that it may involve liquidation. It is important to note that not all assets can be liquidated. Most commonly, the assets that can be liquidated are:
- Bank accounts
- Property
- All but one home
- All but one car
- Jewelry
In most cases, individuals who file for Chapter 7 bankruptcy have little or nothing to liquidate. This does not affect the bankruptcy process, and debts can still be discharged. For more specific information about what can and cannot be liquidated, contact a Somerset Chapter 7 bankruptcy lawyer today.
Contact Us
Chapter 7 bankruptcy can leave you with a clean financial slate if you have insurmountable levels of debt. Contact Somerset Chapter 7 bankruptcy attorney Francisco G. Harrison, PLC, at 337-261-8800 today to learn more about your bankruptcy options.
