CHAPTER 7
WHAT ARE THE BENEFITS OF CHAPTER 7 BANKRUPTCY?
Chapter 7 Bankruptcy is sometimes called a "liquidation" bankruptcy -- in general, most of your debts will be cancelled; however, if you have too much income, or too much equity in property, you may be forced into a Chapter 13 Bankruptcy. In a Chapter 7 Bankruptcy, with certain exceptions, nearly all debts can be cancelled. Some exceptions include, but are not limited to: child support, student loans, and taxes; however, under certain circumstances even "income" taxes can be cancelled.
Benefits you receive may include, but are not limited to:
- Stop harassing phone calls
- Stop garnishment orders
- Stop lawsuits
- Stop mortgage foreclosure actions
- Stop efforts to repossess property