Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Clears Your Debt
Chapter 7 bankruptcy is also known as a liquidation plan. In a Chapter 7 Bankruptcy we show the Georgia Bankruptcy Court that, based upon your budget, you are unable to service the debt you carry. That's it. Approximately 90 days after we file you are granted a discharge, and you no longer owe the debt. Period.
Now, while a Chapter 7 Bankruptcy is simple in theory, there are a number of factors to consider. First you must qualify financially through a mandated "Means Test."
Not every kind of debt can be discharged in a Chapter 7 Bankruptcy, either. Debts arising from taxes, student loans, alimony, child support, drunk driving, or intentional acts may not be dischargeable.
Also, if you have secured debt (debt tied to collateral like a car note or a mortgage) you have to decide if you wish to keep the property. If so, you must reaffirm the debt which effectively takes it out of the bankruptcy.
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