When You File A Chapter 7 Bankruptcy, What Happens?
While any recommendation of legal action can only be made after personal consultation with an attorney, we generally find that people will benefit from a Chapter 7 bankruptcy if they face certain types of obstacles:
- Burdensome credit card debt
- Heavy medical debt
- Student loans
- Failing business
- Old tax debt
A Chapter 7 can eliminate the credit and medical debt. It can also help eliminate debt and reject contracts associated with your business. Even with student loans (which generally cannot be eliminated in bankruptcy except under very rare circumstances), a bankruptcy can be used to eliminate other debts, thereby freeing up money to pay those loans.
Put Yourself Back In Charge Of Your Financial Life
Schedule your free initial consultation with our team by calling 248-350-8220. You can also reach us online.