Dealing with debt can be stressful and embarrassing. No one wants to have to admit they are in over their heads with debt, but sometimes it happens without fault. Thankfully, there is Gainesville chapter 7, which allows individuals to legally overcome their debt and start a new financial future.
What Is Chapter 7?
When an individual has too much debt and the debt collectors are constantly harassing them, there is help available. Chapter 7 allows people who have mostly secured debt to have them paid off or absolved. The process is fairly fast; it is generally solved in six months or less depending on the amount of money the person owes.
Chapter 7 is a type of bankruptcy that is most beneficial when a person has unsecured debt. With Gainesville chapter 7, a person will first go through means testing to ensure they truly do not have the money to pay the debts they owe. If approved, the individual may have to submit some of their assets to the trustee in charge of the bankruptcy.
What Happens Once the Bankruptcy Has Been Approved?
Once a person has been approved, the court will put a third-party trustee in charge of the bankruptcy. This individual works to ensure a person’s assets are accounted for so they can be properly identified. A person has the right to keep their home, furniture, clothing, and certain other personal assets. The trustee will determine which items will be liquidated to repay the debts.
The trustee also has the power to absolve some of the debts for a person, depending on the type of debt and the assets owned by the individual filing for bankruptcy. If the debts are absolved, a person is no longer responsible for paying them.
If you have more debt than you can possibly afford and you are getting in over your head, bankruptcy can help. There are a couple of different options for bankruptcy, depending on the amount and type of debt you owe.
To learn more about your bankruptcy options, visit Chriscarouthers.com. If you would like to schedule your free consultation appointment, call the office right away.
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