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A Chapter 7 bankruptcy is often called “fresh start” bankruptcy or a “liquidation” bankruptcy. Both descriptions are correct. A Chapter 7 bankruptcy will eliminate most unsecured debt obligations, such as credit cards, medical bills, and deficiencies from repossessions. Chapter 7 bankruptcies may also eliminate an unpaid HELOC or junior loan following a foreclose or short sale as well as income tax liability that is several years old. In this respect, a Chapter 7 is a “fresh start”.
The term “liquidation” bankruptcy comes from the fact that a Chapter 7 Trustee has the power to liquidate certain types of assets to pay the debtor’s obligations. That said, most Chapter 7 bankruptcy filers find that with careful planning and preparation they will not lose any assets to the Trustee. Working to ensure that the client is not required to turn over valuable assets to the Trustee is one of the key roles played by the bankruptcy lawyer. We have the experience and expertise to protect your assets and ensure a smooth Chapter 7 bankruptcy that will give you the fresh start you deserve. Call us today for a free consultation with Attorney David Speckman.
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