Chapter 7 bankruptcy is sometime called, "straight bankruptcy" because it is a liquidation of all your debts. The court will allow you to keep certain basic assets that are exempted and then order the sale of all others that will be used to pay off your creditors. All collection calls will be stopped and your creditors will be ordered to discharge all your remaining debts, usually within 4 months. To find out if you are eligible for Chapter 7 bankruptcy you should contact Delaware bankruptcy attorney Peter Schaeffer at Avenue Law to get a free confidential financial consultation. We will review your debts and financial situation and, if Chapter 7 bankruptcy is right for you, we can help you get started on the process immediately, including helping you with the means test.
Chapter 7 bankruptcy is designed to help those individual who have become unemployed, have large medical expenses or other secured or unsecured debts they are no longer able to pay. If you have to borrow from one credit card to pay another or to even pay your monthly bills, you are already financially "bankrupt" because you do not have the ability to pay what you already owe. Your creditors and bill collectors may have threatened you and even told you that you cannot declare bankruptcy. This is not true and they simply want to continue to charge more high interest on the debts you cannot afford to repay.
Part of the information you will provide the court is a listing of all your assets, paid and unpaid, including your car and home. You will be allowed to keep many of your basic assets such as your car, your home equity, your bank accounts, personal goods and tools to allow you to get a fresh start in life. The immediate relief experienced by those who file for Chapter 7 bankruptcy can be enormous. Imagine having no more creditor harassment, getting all your credit card and other unsecured debts erased and the basic necessities in life still under your control. We have successfully helped others get out from underneath oppressive debt through bankruptcy protection and we may be able to help you.