Monroe Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a relatively fast, straightforward method under which a debtor can emerge from a financial crisis and start afresh.
If you file for a Chapter 7 bankruptcy, all of your non-exempt property is sold off, and the proceeds of this sale are used to repay your creditors. In most cases where Chapter 7 is used, the debtor has no tangible assets to lose, making the whole process move faster than other types of bankruptcies.
If you think a Chapter 7 bankruptcy in Monroe, Louisiana, may be right for you, contact the Law Firm of E. Orum Young today.
Filing chapter 7 bankruptcy in Monroe, LA
Also called a liquidation, or straight bankruptcy, Chapter 7 is the most common form of bankruptcy in the United States, accounting for as much as 65 percent of all bankruptcy filings. One reason it is so popular is the speed that it proceeds. Ordinarily, most debts are discharged within months of a bankruptcy attorney filing a Chapter 7 petition.
When you file for Chapter 7 bankruptcy in Monroe, the court appoints a trustee to collect your non-exempt property, sell those assets, then use the proceeds to repay your creditors. Unlike other forms of bankruptcies, the debtor need not make any payment to the trustee. All necessary funds are derived form the sale of assets.
While it would seem that a Chapter 7 bankruptcy means the debtor loses all of their assets, this need not be the case. There are several types of properties that you may legally declare exempt from a Chapter 7 bankruptcy. Also, in a Chapter 7 bankruptcy, the debtor may sign a reaffirmation agreement, meaning that a debtor can continue to pay off a car loan or home mortgage after the bankruptcy filing is complete. This allows the debtor to retain all or some of their property. It is important you discuss these issues with an experienced bankruptcy attorney before filing.
Under the terms of a Chapter 7 bankruptcy, the debtor is discharged from all dischargeable debts once the filing is complete.
Chapter 7 in Monroe
Debt is a fact of life, and when it becomes unmanageable you have nothing of which to be ashamed.
Attorney E. Orum Young will help you work out your debts confidentially. If you need Monroe bankruptcy advice, please contact us, the bankruptcy Law Firm of E. Orum Young.