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Williams, Williams, & Bembenek is fully licensed and equipped to offer you all the legal assistance you need for a Chapter 7 bankruptcy.

Chapter 7 is a “fresh start” bankruptcy – generally meant for people with a limited income who do not have the ability to pay back all or some part of their debts. Chapter 7 helps to eliminate debt without restructuring debt for repayment. Often, the debt can be eliminated without any repayment at all. The filer must meet the requirements for this type of debt elimination.

  • Chapter 7 Features:
    • Debt elimination often without restructuring
    • Can have a debt consolidation payment plan
    • Filers can keep all or most of their property
    • Some property may have to be liquidated to pay off debts
    • No repayment plan
    • Often quicker than Chapter 13
    • Income has to be less than a set amount
    • Does not protect you from home foreclosure
    • Wipes out most of your general unsecured debt
    • Will not touch a 401K, IRA, or other retirement savings account
    • The court will appoint a trustee over your bankruptcy
    • Does not wipe your credit clean
    • Credit reports will show your bankruptcy for 10 years
    • Late payments and debt collections disappear from credit reports after 7 years
    • Save your assets – automobile, home, property & retirement
  • Chapter 7 can Stop issues with:
    • Credit card problems
    • Foreclosures
    • Harassment
    • Lawsuits
    • Repossessions

As always, with Williams Williams and Bembenek, the first bankruptcy consultation is free!

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