Debt Liquidation Through Chapter 7 Bankruptcy
At Skrupa Law Office, LLC, attorneys at our Omaha and Lincoln law offices help people create solutions to their debt problems, including filing for chapter 7 bankruptcy. Generally speaking, chapter 7 bankruptcy is a kind of debt liquidation — it allows you to discharge all your debts (with some exceptions) without having to pay them back.
Filing Chapter 7 Bankruptcy and Keeping the Things You Need
The number one worry of people coming to Skrupa Law Office, LLC, concerns what possessions they will get to keep and what they will have to give up in a bankruptcy. First of all, know that the vast majority of people filing for bankruptcy get to keep all their household items. If you have a home or vehicle and you want to keep these items, you can keep them by filing a proper reaffirmation agreement with the court (your attorney can do this). Secondly, know that a good, experienced attorney from Skrupa Law Office, LLC, can use the complexity of bankruptcy laws to your advantage, maximizing what you keep and minimizing what you have to give up.
If you are behind in house payments and facing foreclosure, however, Chapter 7 will force you to either pay the full amount of all back payments or simply give up the house. Many people actually find this to be a good option, because when you lose the house, you lose all the ongoing responsibility that goes with it. This included getting rid of the first mortgage, second mortgage and any delinquent property taxes. If you want to keep your house and can't come up with the back payments, you will need to file chapter 13.
By filing bankruptcy you can automatically put a stop to collection calls, garnishments, pending court dates, foreclosure and repossessions.
Chapter 7 bankruptcy can be a tremendous fresh start. The greatest thing, perhaps, about filing for bankruptcy is that it immediately stops all creditor harassment, creditor phone calls, lawsuits, and wage garnishment. Don't feel ashamed of contemplating bankruptcy.
Call Us Today for an Appointment
Chapter 7 bankruptcy may be an option for you. To find out more, talk with a lawyer at Skrupa Law Office, LLC. Contact us by calling our Omaha law office at (402) 571-2900 or our Lincoln law office at (402) 464-3311.