Chapter 7 Bankruptcy and Unsecured Debts
A Chapter 7 Bankruptcy is used to discharge unsecured debts. Credit cards and medical bill are the most common unsecured debts. Their are several other debts that are unsecured like cars that have been reposed, apartments that you broke the lease on, cell phone contracts that you could not pay. The Chapter 7 does not help you to keep secured debts meaning if you are behind on your car or house you will need to catch up on the payment or you might lose them.
Since the Bankruptcy laws changed a few years ago you have to qualify based on your earnings over the last six months. This figure is what they use to determine your income. The creditors have rights as to when you incurred the debts if they are dischargeable or not. There are two classes that need to be taken one before you file the other after. In most cases these classes are offered on the internet.
If you have a lot of unsecured debts that have been on your credit forever you might consider talking to a bankruptcy attorney to see how the bankruptcy laws can help you.
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