CHAPTER 7 LIQUIDATION
Chapter 7 is designed to wipe out your general unsecured debts such as credit cards and medical bills and other unsecured debts. The exemption provisions of the Bankruptcy Code allow you to keep most is not all of your real and personal property. You can also keep all of your qualified retirement funds (401k, 403b & IRA funds and pension benefits). The exemption provisions are misunderstood by many – you do not have to liquidate assets that are protected by applicable exemptions. You can file a Chapter 7 every 8 years from the date of filing or 6 years after your file a Chapter 13.
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