Chapter 7 is a liquidation under the Bankruptcy Code. That sounds scary, but the vast majority of consumer cases are "no asset" cases; meaning the debtor (that's you) doesn't surrender any property. Chapter 7 is usually for people with excessive credit card debt, medical bills or other unsecured debts and with no real ability to make payments to their creditors after providing for reasonable living expenses.
Under Chapter 7 the debtor typically emerges free from all unsecured debt by receiving a discharge approximately six months after filing. Chapter 7 is generally not the answer for someone who is:
(1) behind on their mortgage or car payments; (2) someone who has a significant amount of income remaining in their monthly budget after providing for their reasonable living expenses (but not including debt payments); or (3) someone whose property or assets are worth more than certain protected amounts thereby exposing those items to their creditors in a liquidation – those situations are properly handled in Chapter 13.
If you would like to discuss your Chapter 7 bankruptcy case with one of our experienced attorneys, contact us today to schedule a free initial consultation. Our North Charleston and Columbia offices are open Monday through Friday from 8:30 a.m. to 5:30 p.m. We look forward to assisting you.
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Meredith Law Firm, LLC
8435299000
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