Chapter 7 bankruptcy, the most common type of bankruptcy, gives individuals and married couples the ability to get a fresh start by ridding themselves of most, if not all, of their stifling debt load. Chapter 7 gives a person or couple the choice of keeping certain debts that are essential to their fresh start. Essential debts that may be kept are debts on a homestead, car, and home furnishings. The true benefit of a Chapter 7 discharge is the debts that the individual is able to shed. Common debts that are shed are credit cards, payday loans, and medical bills. The process of getting a Chapter 7 fresh start, when done correctly and with the help of a legal professional, can be completed in as little as four months.
The number of people who a Chapter 7 can benefit has been curtailed by Congress in recent years. However, as an expert in the field of bankruptcy law, I will advise you whether you qualify for a Chapter 7. If you do I will assist you in obtaining the Chapter 7 fresh start that you deserve. If you do not qualify for a Chapter 7 fresh start, I will advise you about the benefits of a Chapter 13 fresh start.
Once you receive your Chapter 7 fresh start the bankruptcy filing will appear on your credit report for seven to ten years. The reporting of the bankruptcy on your credit report can temporarily lower your credit score. However, getting a Chapter 7 fresh start ultimately helps your credit score in the long run.
To make sure a Chapter 7 fresh start is an option that fits your situation, contact the bankruptcy attorney at Swindell Law Firm in Amarillo, TX.