Chapter 7 bankruptcy is one of the most effective ways to wipe out outstanding debt. Successful petitioners are often able to have most, if not all, of their financial obligations discharged, allowing them to begin rebuilding their financial stability. Due to its almost immediate debt relief and relatively simple process, it is the most common form of bankruptcy filed.
At Zeisler & Zeisler, we have been helping our clients achieve lasting debt relief through Chapter 7 bankruptcy for over 30 years. Our lawyers will meet with you to assess your current debt situation, and personally handle your case from beginning to end.
Dubbed a liquidation bankruptcy, Chapter 7 bankruptcy allows petitioners to liquidate their non-exempt assets to satisfy some of their outstanding debt and discharge most of the rest. However, very few cases actually have any liquidation whatsoever because, in most instances, all of our clients’ assets are exempt.
Once a debt is discharged, you no longer have any legal obligation to pay it back. No more monthly payments - the slate is wiped clean. Additionally, unlike other forms of bankruptcy, you will be able to retain your future income.