28 Feb 2010 06:42 pm
The filing for Bankruptcy is an opportunity to responsibly and legally come out of a financial crisis and start with a clean slate, debt free. If your current debt has spiraled out of control and you are able to qualify, then to file Chapter 7 Bankruptcy will be the path to a fresh start. Under Chapter 7 of the Bankruptcy Code all non-exempt assets are sold in order to repay a part of the outstanding debt. Basic necessities like your house and car are exempt from liquidation, only ‘extra’ assets are what are sold.
Chapter 7 Bankruptcy is the most common form of bankruptcy filing. Chapter 7 bankruptcy filing accounts for over 64% of all Consumer Banking filings. The process of filing for a Chapter 7 Bankruptcy can be quite speedy only taking a few months, after which you will be better position to rebuild your credit and return to your normal routine.
If you are experiencing financial difficulties, being harassed by creditors, have credit card debt, unpaid medical bills, repossession (s), pending lawsuits, judgments or are being on your mortgage or rent payments, then a Chapter 7 or a Chapter 13 filings may be of great benefit to you.
Mr. Pegg has been a chapter 7 bankruptcy lawyer for over 36 years.
Make an appointment for a Free Consultation in Nothern New Jersey.
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