Finding Relief From Financial Uncertainty With Chapter 7 Bankruptcy

Chapter 7 bankruptcy stops creditor harassment, stops foreclosures on your home or property, and drastically reduces or eliminates credit card debt and medical bills. Chapter 7 bankruptcy gives you a "fresh start."

Chapter 7 is available to people who have never declared bankruptcy before and who have much more debt than they can ever eliminate, even if they were given more time. They are often people who:

• Are unemployed or have permanently reduced income (as may be the case with a failed business, a divorce, or loss of alimony or child support income)
• Have large credit card and/or medical debts
• Are behind on credit cards, mortgage payments, and car payments
• Have old tax obligations

The first step is to work with a bankruptcy lawyer at Attorney Robert H. Holber of Holber & Guilfoil, to file a petition with the U.S. bankruptcy court, along with information about your assets and debts. The court will immediately stop all collection proceedings against you, including home foreclosures and threats of taking your car.

Your assets are now under the court's protection. The court will notify your creditors that you have filed a bankruptcy petition.

A trustee will be appointed by the court to review your paperwork and the facts and circumstances of your case. The trustee will look after the interests of your creditors and will sell any non-exempt assets and distribute that money to your creditors. After that sale is complete, the court will sign an order removing (discharging) any remaining debts (with a few exceptions).