Chapter 7 Bankruptcy:

Discharge Credit Cards, Medical Bills, Personal Loans and Gambling Debt

For people who have an average income, Chapter 7 bankruptcy offers several significant benefits to individuals in York, Lancaster, Lebanon, and Harrisburg who are facing overwhelming debt.

Chapter 7 provides a fresh start by granting a discharge of most unsecured debts, such as credit card bills and medical expenses without having to payment anything back to creditors. This means that you are relieved of the legal obligation to repay these debts, allowing you to regain control of your financial life.

The discharge typically occurs within a few months of filing for Chapter 7, providing a relatively swift resolution to your debt problems. While you are in bankruptcy, you are protected by the automatic stay and cannot be sued or harassed by creditors.

Which Debts can be Discharged?
Learn More About Bankruptcy and Your Home
Chapter 7 and Medical Bills
Stripping Off Judgments and Liens in Chapter 7
Chapter 7 and Gambling Debt
Income Limitations in Chapter 7
How Many Times Can I file Bankruptcy?

Stop Debt Collection, Lawsuits, Evictions, Mortgage Foreclosure, Sheriff Sales and Real Estate Tax Sales

Chapter 7 bankruptcy imposes the “Automatic Stay,” which is a court order that functions as a shield immediately halting most collection activities, including lawsuits, creditor harassment, wage garnishments, Car Repossessions, Evictions and Foreclosure Proceedings, Tax Sales and Sheriff Sales. This stay provides individuals with immediate relief from the stress and pressure of debt collectors, giving them the opportunity to focus on rebuilding their finances without constant harassment.

Learn More About the Automatic Stay
Chapter 7 Stops Car Repossession
How Chapter 7 Stops Eviction

Keep Your Home, Retirement, Assets and Employment

You will not be left destitute if you declare bankruptcy!

With Proper Planning in most cases my clients Retain their Homes. If this is not possible, then I educate my clients so that an informed decision is made. If the homeowner is current on mortgage payments and has minimal equity in the home, most homeowners can keep the property by continuing to make payments after bankruptcy. However, if the homeowner is behind on payments or has significant equity in the home, then Chapter 13 Bankruptcy should be considered.

Finally, Bankruptcy Law prohibits employers from Discriminating Against You because you have declared bankruptcy. You will not lose your job and in most cases, no one except your creditors is aware of the bankruptcy.

Exemptions for Home Furnishings, Jewelry, Educational 529 Plans and Retirement Accounts and Tools of the Trade ensure that you will be able to retain these kinds of assets.

Keep Your House & Home Equity
Keep Educational / 529 Plan Accounts
Keep Your Household Goods and Furnishings
Keep Your Retirement Accounts
Keep Your Unemployment Benefits
Keep Your Jewelry and Wedding/Engagement Rings
Keep Your Job
Keep Tools of the Trade

Keep Your Vehicle and Protect Vehicle Equity: Vehicle Redemption and Reaffirmation

In most cases, Debtors who file Chapter 7 can retain their vehicles either through two ways: Redemption and Reaffirmation. If your car has already been repossessed, but not yet been sold at auction, Chapter 7 can get your vehicle back if you can resume making the payments.

Redemption occurs when the Debtor pays the cash value of the vehicle in full satisfaction of the secured lien against the vehicle. A vehicle equity is also usually exempt, with proper exemption planning.

Reaffirmation is an agreement which maintains the status quo and payments continue under the same terms from before the bankruptcy.

Protecting Equity in Your Car
Redemption: Geting Rid of Negative Equity
Reaffirmation: Keeping Your Car In Bankruptcy