Chapter 7 Bankruptcy

Financial problems can strike anyone. Understanding your options for getting out of debt is important for your future. A Dalton bankruptcy lawyer can explain how Chapter 7 bankruptcy, also known as liquidation bankruptcy, can erase most of your unsecured debt and give you a fresh start. Your Dalton bankruptcy attorney can help you discharge your debt and stop the harassment of creditors.

Chapter 7 bankruptcy in Dalton:

Liquidates - or sells - any non-exempt property you may have to pay to pay creditors
Eliminates most unsecured debt like credit card bills and medical expenses
Provides Automatic Stay protection to you against lawsuits, collection actions, foreclosure, and repossession
Gives you a fresh financial start

When you file for bankruptcy in Dalton, you will undergo a Means Test that will include an inventory of your assets and evaluation of your debts. The bankruptcy trustee will determine if the amount of your income and assets would allow you to repay part of your debt, if so you may be forced to file Chapter 13 bankruptcy. Some of your debts, such as those arising from student loans, child or spousal support, taxes, drunk driving convictions or other intentional acts, may be considered Priority Claims which are not discharged.

Secured debts - debts tied to collateral like a house or car - are not discharged in Chapter 7 bankruptcy. If the property is non-exempt, it may be sold to pay creditors at least some of what is owed. You may have the opportunity to reaffirm - or agree to new terms on the loan - the debt and remain current on the payments.

If you believe you qualify for Chapter 7 bankruptcy, consult a qualified Dalton bankruptcy lawyer. Your attorney will work with you through the Means Test and help you determine what property you can keep.

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Chapter 7 Bankruptcy

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