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Chapter Seven: Most Common Type of Bankruptcy

If you are feeling overwhelmed by bills, payments, and creditors you might want to consider Chapter 7 bankruptcy. It can be a great way to start your financial life over again with your head above water.

Chapter 7 bankruptcy is the most common type of personal bankruptcy filed. Almost two thirds of all personal bankruptcies are of the Chapter 7 variety. This article will describe what Chapter 7 bankruptcy is and address some common questions you may have about filing.

Chapter 7 bankruptcy is also known as liquidation. In Chapter 7, you sell your property which is non-exempt, in an effort to help pay off people you owe money to. It’s a relatively quick process that often times is completed in just a few months.

What follows are 3 commonly asked questions about Chapter 7 bankruptcy

1. Do creditors have to leave me alone after I file? In short, yes. Creditors by law are required to stop all actions after you file for Chapter 7 bankruptcy. This is why bankruptcy could be a good way to get yourself a new lease on your financial situation.

2. Are my bankruptcy filings made public? Yes they are public records. Although, most likely no one will find out you went bankrupt unless you choose to tell them. There are a substantial number of Chapter 7 filings that occur and most are not heavily publicized.

3. What are some of the reasons that people need to file for bankruptcy? Usually individuals that are filing for bankruptcy are doing so because of unforeseen events. Things such as medical bills due to an accident or illness, losing a job, marital issues, etc. Bankruptcy can provide a fresh start after an unfortunate situation.

If you are considering a Michigan bankruptcy, Chapter 7 might be a good thing to consider. You should speak with a Michigan bankruptcy attorney to get a better handle on your options.

Bankruptcy can be a good way to get out of debt. Often times, it is far more effective than debt consolidation or debt settlement/forgiveness. If you are searching for a Michigan bankruptcy chapter 7 attorney, get a free consultation with California and Los Angleles bankruptcy chapter 7 lawyers from Premier legal toll free at 1.866.999.9085 or visit us on-line at www.premierlegal.org.

The Peck Law Group

About the Author

Attorney Adam Peck has been practicing law since 1981. A former successful business owner, Mr. Peck initially focused his legal career on business law. Within the first three years, after some colleagues and friend’s parents endured nursing home neglect and elder abuse, he continued his education to begin practicing elder law and nursing home abuse law.

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