Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

chapter 7 bankruptcy
Avoid Chapter 7 Bankruptcy in Charleston SC.

Bankruptcy is a sad occasion in anyone’s life, though it can and does happen to anyone. Sometimes bills and expenses can become such a heavy burden that people need to have a chance to start over. Bankruptcy is a way you can do that. There are several options for going through a bankruptcy. This article will look at Chapter 7 Bankruptcy by highlighting the benefits and the drawbacks of a Chapter 7 Bankruptcy.

Chapter 7 is a last-ditch bankruptcy. Namely, if it is not possible to pursue any other chapters of bankruptcy, then you should use chapter 7. Chapter 7 bankruptcy allows for a trustee to sell “non-exempt” assets to pay off claims of creditors. In addition, if these assets do not allow for full repayment of debts, then liens might be placed in order to create a means of payment. You can lose your property if you are filing under Chapter 7. If you’re thinking about Chapter 7 bankruptcy, why not sell your house to Charleston SC House Buyers instead? Call us at (843)553-5005 or fill out the brief seller form on our website today.

The positives of this chapter of bankruptcy are the quick nature by which assets can be sold and debts paid off, as well as the ability to put a temporary hold on collection actions by creditors. This can happen in around 2-3 months. Chapter 7 bankruptcy is a near-complete bankruptcy for many people and creditors cannot take further action against you once the case is complete. You can also “reaffirm”, a method of renegotiating, certain loans if you wish to keep certain assets. However, if you own a house, you will still lose your house in the bankruptcy and the court will sell the house without you having the ability to dictate the terms. Chapter 7 bankruptcies are good for people with huge sums of debt as there are no limits to the amount of debt which can be included in the bankruptcy.

Some challenges with this method of bankruptcy are the total nature of the bankruptcy. If you are selling property and have major sums of money to discharge, you will lose your property. This can include personal homes, office buildings, or automobiles. Chapter 7 also requires a trustee to oversee the bankruptcy which can be both good and bad; however, you will need to pay your attorney’s fees as well as the fees for the time of the trustee. If you just need to sell your house fast, you probably want to consider selling your house to Charleston SC House Buyers today and avoid bankruptcy.

Chapter 7 bankruptcy can be of benefit to people who find themselves in an unfortunate situation with huge amounts of credit card debt. It is important to assess the direness of your situation with solid legal counsel before going through Chapter 7 proceedings. This should only be used as a last resort. It can be a great way to start over, even though there will be a derogatory mark on your credit for much of your life. However, if the phone calls will not stop from collection agencies and you can’t find a buyer for your house, Chapter 7 might be your last option.

Charleston SC House Buyers wants to help you before you have to file Chapter 7 Bankruptcy. If you need money from your house quickly, our team can give you an offer and buy your house. We can buy your house and get you the money you need to pay off some of your creditors. Please call our office and speak to a representative today at (843)553-5005 or fill out the short seller form on our website today!

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