Chapter 7 Bankruptcy
Filing for Chapter 7 Bankruptcy- Erie, PA Bankruptcy Lawyer
Chapter 7 Bankruptcy is often referred to as a “liquidation” bankruptcy. In a Chapter 7 bankruptcy a bankruptcy trustee can liquidate any non-exempt assets. Wayne G. Johnson, an Erie, PA bankruptcy attorney, can file the appropriate paperwork for your liquidation bankruptcy.
In reality, the majority of bankruptcy cases are “no asset” bankruptcies. In this situation, the bankruptcy trustee has no assets to liquidate. Whether you have no assets or own cars, houses or other assets, a free consultation with a bankruptcy lawyer can guide you in the right direction.
Keep your House, Car, 401k and Savings
The bankruptcy rules allow a debtor to protect their assets by way of exemptions for such things as your house, vehicles, retirement plans and savings.
Eliminate your Credit Card Debt
Chapter 7 eliminates your unsecured debts such as credit cards, personal loans and past due utilities.
Benefits of Chapter 7 Bankruptcy
The benefits of Chapter 7 include the discharging of unsecured debt in a relatively short period of time, usually within a few months the whole process is completed. Typically, people with little disposable income or with little equity in their house file under this chapter. A bankruptcy lawyer can determine if you qualify to file for a Chapter 7. If not, a Chapter 13 may work for you.
Stop Collection Phone Calls. Stop Law Suits. Stop Sheriff's Sale.
Under both Chapter 7 and Chapter 13 bankruptcies, the “automatic stay” provision of the bankruptcy code takes effect. An automatic stay means creditors must stop all action in trying to collect a debt including telephone calls from creditors. Plus creditors must stop law suit proceedings including mortgage foreclosures and Sheriff’s Sales.
Contact Wayne Johnson to schedule a free consultation about your Chapter 7 bankruptcy and debt reorganization needs today.
The Law Office of Wayne G. Johnson, Jr
337 West 6th Street
Erie, PA 16507
Telephone: (814) 459-7754 | Fax: (814) 459-8996 Email: Johnson@erie-attorney.com
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