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What are the basics of Chapter 7 bankruptcy?

On Behalf of developers | December 15, 2017 | Chapter 7 Bankruptcy

When Mississippi residents like you are struggling with debt, you may be tempted to take any road you can to dig yourself out of it. Fortunately, the Pond Law Firm is here to offer a helping hand. For example, if you’re looking into Chapter 7 bankruptcy, we provide you with what you need to know to decide if it’s truly a good fit for your lifestyle.

Chapter 7 bankruptcy is also known as liquidation bankruptcy, or “clean slate” bankruptcy. This is because it allows you to immediately discharge your unsecured debts. Wage garnishment can also be avoided through filing, and creditor harassment will be stopped in its tracks. This is ideal if you don’t currently have a source of income and can’t afford to get a repayment plan started. You may even be able to keep certain items or property.

On the downside, liquidation bankruptcy is also a colloquial term because it involves the liquidation of your current assets. You could risk losing your car, home, or personal objects within your home that are of high value like jewelry. The assets that are collected will be used to help pay off your debts. This makes Chapter 7 bankruptcy a bit of a double edged blade. It allows for immediate relief from debt, but you risk losing personal items or big purchases because of it.

When looking into your bankruptcy options, consider what your end goal will be and what your current situation is. If you would like more information on the different types of bankruptcy available to you, check out our linked web page. The details you find there can be used to make a more informed decision.

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