Relief - Chapter 7 Bankruptcy

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Bankruptcy Debt Relief

You can file for bankruptcy under Chapter 7, if circumstances are such that you are unable to pay off your debts and the persist  ent visits of the creditors are making you a nervous wreck. Seventy percent of the consumers get fast relief from chapter 7 without spending years fighting their cases. It may, however, be noted that chapter 7 will not provide you any substantial relief if you have a regular source of income and can even partially pay off your debts. Chapter 7 is for those who have no option other than getting their non-exempt property liquidated to discharge their debts.

Once your petition is admitted and you have paid the filing and the administrative fees, the court issues notices to your creditors, and this automatically means a stay on their efforts to pressurize you to pay them their loans. This means that the creditors cannot contact you directly. Also, they are no longer in a position to initiate court proceedings against you. The stay means that any contact between the creditors and the debtors has to take place through the court. Stated simply, the creditors are restrained from making phone calls, filing lawsuits against you, or seizing your property.

If you file for bankruptcy under chapter 7, you will not be able to get a stay on your secured debts, such as loans attached to a house and car. Also, the chapter 7 law does not provide you relief from secured debts like student loans, alimony, child support, taxes to IRS or payment on mortgages etc. For more information on Bankruptcy debt relief: http://www.aDebtInfo.com

Yet you do get relief from the rent or eviction demands from your landlord, or the consumer companies who are threatening to take you to court. Most of your credit card debts are discharged. You won't have to pay for such utilities as electricity bills or your cable TV charges.

Chapter 7 Bankruptcy

Trustee - Chapter 7 Bankruptcy