Chapter 7 Bankruptcy – Debt Liquidation

by | Apr 5, 2013 | Lawyers

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Credit Solutions, SCBankruptcy is one of those rather scary words that many fear and few want to talk about. In our society, however, especially with the current state of our economy, it’s something we need to not only talk about, but educate ourselves about as well.

What many people don’t realize is that there are multiple kinds of bankruptcy, and that they cover a variety of different types of debt. It is also important to know that, just as there are different types of bankruptcy, there are differed types of bankruptcy lawyers as well, and sometimes finding the right attorney can be half the battle. If you live in Wisconsin, for example, there is a firm that specializes in bankruptcy assistance called Credit Solutions, SC. They have lawyers who are specially trained in the different types of bankruptcy and debt issues, such as Chapter 7, Chapter 13, and Chapter 128. Although these “chapters” may initially be confusing, each covers different types of debt, and offers different solutions.

For example, a Chapter 7 Bankruptcy Lawyer Milwaukee Wi, will help you with a liquidation bankruptcy, which provides you with a fresh start to your financial start. With the help of attorneys, claiming chapter 7 can get rid of almost all unsecured debt, which are debts from creditors that do not have any type of lien on any of your property (your home, car, etc). These can include debts such past due bills, especially credit card, utility, and medical bills. While personal loans and some income tax bills may also qualify for elimination through chapter 7, there are also certain types of debt that cannot be erased by claiming chapter 7. These can include, but are not limited to, debt such as back child support and alimony payments, as well as student loan bills. Clearly, knowing what is and is not covered by the varying bankruptcy claims can be difficult, so it is especially important to find a qualified Chapter 7 bankruptcy attorney to guide you through the process. The last thing anyone would want would be to go through this, only to find that there were debts that could have been erased and were missed, or to expect debts that cannot be eliminated to disappear. Finding a highly skilled lawyer is, undoubtedly, imperative to this process!

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