Johnson Law, PLLC Attorney – For Many Different Circumstances
There are many different circumstances that can lead people to consider bankruptcy debt relief. Some common causes are:
- Adjustable Rate Mortgages (ARMs)
- Economic Downturns
- Faltering Business
- High Credit Card Interest Rates
- High Medical Bills
- Home Equity and Interest-only loans
- Inadequate Health Insurance
- Retirement Challenges
- Rising Mortgage Rates
Whatever the cause of financial challenges, Chapter 7 bankruptcy offers a new start to many people facing years of difficult or even impossible personal finances. If you are carrying debt that you cannot afford, Chapter 7 will enable you to dispose of crippling obligations and start over with resources that enable you to plan for the future and to enjoy life.
Under Chapter 7 of the bankruptcy laws, with guidance of the court, your total debt is reduced. This provides for a “fresh start,” which is something many people in debt appreciate. The court may also sell non-exempt property to help pay off the debt.
Garnishments, lawsuits, foreclosures, creditor harassment, and repossession are halted. The goal of Chapter 7 is to keep your assets, such as your home, car, household goods, and other exempt property, adjusting payments so that you can better afford them.
Typically, what happens under Chapter 7 bankruptcy, an individual files a petition asking the court to eliminate excess debt in exchange for any non-exempt property. The individual is allowed to keep exempt property, which typically includes all assets. When there are non-exempt assets at risk, a Chapter 13 can help protect them.
Many people considering bankruptcy file for Chapter 7, because under it they can often protect all of their property and eliminate most debt. Chapter 7 can stop wage garnishment, debt collection harassment and other collection actions.
While bankruptcy offers many benefits, it has limits. Relief under Chapter 7 cannot eliminate “secured” debts like car loans and home mortgages, and it cannot remove the responsibility to pay child support, alimony, criminal fines, student loans, and most taxes. Bankruptcy also cannot protect loan co-signers and cannot eliminate debts incurred after a bankruptcy has been filed.
To fully understand Chapter 7 bankruptcy protection and debt relief, call Johnson Law, PLLC in Morgantown, for a free initial consultation. Each bankruptcy is different and tailored to the needs and circumstances of the individual. We can gather the facts of your case, lay out your options, and present a no-obligation recommendation of your best course of action.
If you do choose to file Chapter 7 bankruptcy, we will make the proceedings as convenient for you as possible. You will likely need to travel to Clarksburg only once to attend one hearing. All other actions can usually be conducted over the phone, by mail, by fax or by e-mail.
Johnson Law, PLLC offers flexible appointments and payment plans, and charge affordable rates.
To discuss your bankruptcy options, contact us at 304-292-7933.
Johnson Law, PLLC is a debt relief agency.
We help people file for relief under the Bankruptcy Code.
If you are suffering from burdensome debt, are threatened with foreclosure, are harassed by collection agencies, have wages garnished, or have been injured, then call us. We charge affordable rates and offer weekday, weekend and evening appointments as well as flexible payment plans and no obligation consultations. Contact us at 304-292-7933.