Bayou Vista Chapter 7 Bankruptcy Attorneys
There are different chapters of the Bankruptcy Code to respond to different debt situations. One of these is Chapter 7, which is also called a “liquidation” bankruptcy. This form of bankruptcy protection may be suitable for individuals and families who are deeply in debt and do not have substantial assets.
Chapter 7 protection works to convert assets of a debtor into liquid cash through a Trustee’s sale. That money is distributed to satisfy the debts owed to creditors.
This form of bankruptcy protection does not allow you the freedom to simply withhold anything that you choose from the sale. However, it does grant certain exemptions for specified categories of property and it enables you to choose objects to keep, so long as the combined value does not exceed legally established limits. They are presently set at $30,000 for a single filer and $60,000 for a family bankruptcy.
To learn more about the bankruptcy process, contact the Bayou Vista Chapter 7 bankruptcy attorneys of Gipson & Norman at 800-291-0898.
Chapter 7 and Non-dischargeable Debts
It is important that you understand that Chapter 7 bankruptcy cannot eliminate all categories of debt. The law grants some creditors and debt types special consideration, and they cannot be discharged. A few of these are:
- Taxes
- Student Loans
- Child Support
- Alimony
Contact Us
If you are feeling tired of the distress of being under the weight of a debt that you can no longer manage, contact the Bayou Vista Chapter 7 bankruptcy lawyers of Gipson & Norman at 800-291-0898. We can help you to choose the best path out of your current economic despair.
