Chapter 7 bankruptcy is what is considered a straight bankruptcy. You are able to discharge your debts and, in most cases, you keep all of your property and do not have to pay anything to your creditors. In Chapter 7 you are not required to pay future wages to a Trustee or any of your creditors.
Chapter 7 bankruptcy may be right for you if:
- You are overwhelmed in debt
- If you have a home or car loan, you are either current on the loans or do not wish to keep the property
- You do not have a large amount of high valued property
- Your income level is not too high
Deciding if Chapter 7 bankruptcy is right for you is a difficult decision to make. There are many nuances to determining if you qualify and if it is the right chapter of bankruptcy to help you. I am a Bankruptcy Attorney in Albuquerque. Call me today and set your appointment for a free, no-obligation, consultation. I will look at your personal situation and let you know if you qualify and if it will help you.