The Durham Bankruptcy Attorneys and Greensboro Bankruptcy Attorneys at Kreger Brodish LLP handle a variety of bankruptcy, debt settlement and unfair debt collection practice cases. If you have any questions about a debt or a debt collector, feel free to contact our Durham Chapter 7 Bankruptcy Attorneys or Greensboro Chapter 7 Bankruptcy Attorneys to discuss your case free of charge.
By filing for a Chapter 7 Bankruptcy, an individual will typically discharge (e.g., eliminate, wipe out, etc.) their unsecured debts (unsecured debts, generally, are debts that were not incurred to purchase a specific asset (this is an oversimplification)).
- Unsecured Debts – Personal loans, medical bills, credit card bills are all common types of unsecured debts that will be discharged in a Durham Chapter 7 Bankruptcy or a Greensboro Chapter 7 Bankruptcy.
- Secured Debts – Debts that are not unsecured are typically home loans, auto loans, furniture loans, etc. All of these secured debts typically have a security agreement that allows the lender to repossess the asset if you fail to pay the debt. Secured debts are dischargeable under a Chapter 7 Bankruptcy, but you will typically have to forfeit the asset (home, auto, furniture, etc.). If you are not late on your payments, or have had your loan modified, you can sometimes keep your home, car, furniture, etc., but you will also keep the debt related to the asset (e.g., your home loan, car loan, furniture loan, etc.)
- Non-dischargeable Debts – Some debts that are unsecured are not dischargeable under a Chapter 7 Bankruptcy. Examples of these non-dischargeable debts include alimony, some taxes, student loans and child support. You can still file for a Chapter 7 Bankruptcy if you have these debts, but you will only wipe out other unsecured debts (these non-dischargeable debts will survive a Chapter 7 Bankruptcy).
- Determining if you qualify for a Chapter 7 Bankruptcy – To get a preliminary idea of whether you qualify to file for a Chapter 7 Bankruptcy, you can bring (a) copies of your last six months of pay stubs and (b) a recent copy of your credit report (along with account statements for any debts that do not appear on your credit report). With these two items we will typically be able to determine if qualify for a Durham Chapter 7 Bankruptcy or Greensboro Chapter 7 Bankruptcy.
The Durham Chapter 7 Bankruptcy Lawyers and Greensboro Chapter 7 Bankruptcy Lawyers at Kreger Brodish LLP will answer your questions about bankruptcy, debt settlement and unfair debt collection practice cases for free. You can contact our Durham Bankruptcy Lawyers or Greensboro Bankruptcy Lawyers by phone at (888) 820-5885, by email at firstname.lastname@example.org or by completing our Free Consultation form at www.kregerthacker.com.