Chapter 7 is a great way to completely wipe out your debts. It usually doesn't matter how much you owe in unsecured debts. You could owe $10,000, $50,000, $250,000, or even $1 million. When you successfully complete chapter 7, you walk away with a legal “discharge” in about four months. This means that you have been completely freed, exonerated, and legally released from all of those debts. Your unsecured debts have been totally forgiven by the federal government, and you keep your assets. It's as if all your debts have magically disappeared, you now have a totally fresh start, so celebrate your victory over debt.
Bankruptcy Can Be a Beautiful Blessing to You and Your Family.
The following objectives can usually be accomplished by getting a Chapter 7 discharge:
Completely wipe out your credit card debts. Chapter 7 is an excellent way to completely wipe out all of your credit card debts and stop those bill collectors and collection agencies from constantly calling you or harassing you. You will no longer owe them any money at all.
Wipe out medical bills, dental bills, doctor bills, hospital bills.
Wipe out utility bills such as gas, electric, telephone, cable, and cell phone bills.
You can wipe out utility bills. Atlantic Electric and South Jersey Gas must continue to provide you with service in the future. If your service was shut off for non-payment, they usually have to turn your service back on shortly after your case has been filed.
Wipe out cell phone bills, TV and internet bills like Comcast, Verizon, and DirecTV.
Wipe out income taxes owed to the IRS or NJ that are more than 3 years old, and that you filed more than 2 years ago. There are certain restrictions that we will discuss with you.
Discharge personal unsecured loans, including pay day loans.
Wipe out surcharges on your license and get your license back. MVC surcharges can usually be completely wiped out in a successful Chapter 7. You can get your license back, if failure to pay surcharges is the only reason keeping you from getting your license.
Discharge legal fees. You can usually wipe out legal fees that you owe to lawyers.
Debts on Bail Bonds. If you cosigned for someone's bail, that debt can be wiped out.
Stop People from Suing You. Most lawsuits are stopped when you file bankruptcy.
Stop wage garnishments on your salary. Chapter 7 automatically prohibits and stops most wage executions. Here's a Special Bonus: If a creditor has taken $600 or more out of your salary during the 90 days immediately prior to your Chapter 7 filing date, many times we can get all of that money back for you. Please make sure to let us know if this applies to you.
Release liens on frozen bank accounts. Creditors often freeze your bank account and then your checks bounce. If the frozen funds have not been turned over to the creditor by the bank, we can often get your money released back to you.
Stop Sheriff's Sales on homes and personal property. If the Sheriff has scheduled a sale of your home or other real estate, or a sale of personal assets such as a car, household items, or other personal property, that Sheriff's Sale can usually be stopped by filing Chapter 7.
Stop attempts to repossess your vehicle and get it back if it's been repossessed.
Stop eviction court hearings and stop eviction lockouts.
Stop tax lien foreclosures when you are behind in real estate taxes. Don't lose your home just because you can't pay your real estate taxes.
In a successful chapter 7 case, your debts are forgiven by the federal government, and you keep your home, your retirement money, and all of your property. You are permitted to get credit cards, and finance vehicles right after you receive your discharge. If you want to get a mortgage to buy a home in the future, you can apply for mortgages after a waiting period. IF ALL GOES WELL, YOU CAN BE DEBT FREE IN ABOUT 4 MONTHS.
FOR A FREE CREDIT REPORT GO TO www.annualcreditreport.com
You can get one free credit report per year from each of the credit bureaus. So why not get an Experian in January, Equifax in May, and Trans Union in September. This way you can get one up to date free credit report every 4 months for the rest of your life. If you see any mistakes in your reports, call us, and we can help you correct the mistakes.
For important information on Chapter 13 continue to the next blog. SEYMOUR'S 2021 BANKRUPTCY SUCCESS GUIDE PART 3
DISCLAIMER: In this report we discuss results that many people can obtain through a successful bankruptcy. This does not mean that every client can obtain all of the results listed. Every client's case is individually analyzed on its own merits, and if you retain our office to represent you, we will advise you what results we believe we can achieve for you. Call us for a free consultation.