All it takes is one unexpected event—a job loss, a medical emergency, a divorce—for income to plummet and expenses to skyrocket. Other times, the problem is more insidious—income that doesn't quite keep pace with expenses over a long period of time, eventually creating a mountain of debt that is impossible to scale. However our clients come to find themselves dealing with insurmountable debt, there is an answer: Chapter 7 bankruptcy.
For debtors who do not have the ability to pay their existing debts, a Chapter 7 bankruptcy can offer a fresh financial start. For those who qualify, Chapter 7 provides a discharge of unsecured debt. Chapter 7 bankruptcy allows debtors to keep certain exempt assets outside the reach of the bankruptcy Trustee, who oversees the case. The Trustee has authority to liquidate the remaining, non-exempt, property to pay creditors.
The decision to go through bankruptcy is a difficult but sometimes necessary one. At Schwartz & Park, L.L.P., we help our clients evaluate whether Chapter 7 is the right choice for them, and we offer them both the legal and emotional support they need to get through the process, remaining accessible to address any concerns.
Don't put off learning about Chapter 7 bankruptcy until the last possible minute. Learn your options and make informed decisions. We invite you to contact us at (785) 625-0024 or via our online contact form. We look forward to working with you.