Chapter 7 Bankruptcy – ten things you should know

For this post I’ve listed ten things that you need to know about if you are thinking about filing a bankruptcy case. As an experienced Georgia bankruptcy lawyer, I can help you avoid these potential issues or explain how they might affect you. So…did you know:

  • You can lose your house, cars, or other property in a chapter 7 bankruptcy case
  • Not everyone will qualify for a chapter 7 case
  • Your business is an asset that can be taken and sold to pay your creditors in a chapter 7 bankruptcy case
  • A high income doesn’t automatically prevent you from filing a chapter 7 bankruptcy case
  • A low income doesn’t mean you should file a chapter 7 bankruptcy case.
  • You often can get credit right after filing for bankruptcy
  • It is generally not necessary to file a chapter 7 bankruptcy for your business. In most cases, you’ll need to file a personal chapter 7 case.
  • Some tax debts can be eliminated in a chapter 7 bankruptcy case.
  • Bankruptcy almost never eliminates student loan debt.
  • The bankruptcy lawyer you choose does matter. Bankruptcy cases can be full of traps that can cost you money or property. Experienced bankruptcy lawyers can keep you from making mistakes that you might not be able to undo.



by Rick Palmer

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