LIVING PAYCHECK TO PAYCHECK? 
CHAPTER 7 MIGHT BE FOR YOU.

Chapter 7 or 'liquidation' bankruptcy, is a form of bankruptcy in which you eliminate most 'unsecured' debt like credit cards, medical bills, cash advances, old cellular phone bills, and, in some cases, even income taxes.  While you can lose property by filing a Chapter 7, if you don't have the type or value of assets, your possessions will be safe.  Do you qualify? Imagine for a moment that all your credit card, student loans and medical bills have disappeared.  What would be left over at the end of the month?  Is it less than $200?  Would you barely be making it?  If so, Chapter 7 is probably the best course of action.

WHAT'S IMPORTANT ABOUT CHAPTER 7

NO PAYMENTS ARE MADE

Chapter 7 is a quick and easy to way to eliminate most types of debts.  While student loans, recent tax debt and fraudulently incurred debts are not included, Chapter 7 can give you the fresh start you need.

PROCEED WITH CAUTION

Have you filed a Chapter 7 in the last 8 years?  Have you transferred property to a friend or relative in the last 5 years? Are you entitled to an inheritance?  Do you have the ability or reason to sue anyone for damages?  If so, maybe Chapter 13 would be the better option.  Contact our office for more information!

FAST DISCHARGE

Discharge takes place within about 4 months of filing, and there is typically only one court date, called a 341 Meeting of Creditors, where you will be called to testify as to your identity, and the nature/type of assets.

COULD BE BAD IF...

If you're behind on your mortgage payment or vehicle payment, you may lose your house or your car if you file Chapter 7, so it's a smart idea to talk to us first before you take that step.  Chapter 7 is also worse for your credit and is on your record for 10 years. A better option may be Chapter 13 , which is on your credit for 7 years, with or without a loan modification.

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Contact Sweeney Law Offices today at 303.630.9641 or contact us.