CHAPTER 7:LIVING PAYCHECK TO PAYCHECK?
CHAPTER 7 MIGHT BE FOR YOU.
Chapter 7 or ‘liquidation’ bankruptcy, is a form of bankruptcy in which you eliminate most ‘unsecured’ debt like credit cards, medical bills, cash advances, old cellular phone bills, and, in some cases, even income taxes. While you can lose property by filing a Chapter 7, if you don’t have the type or value of assets, your possessions will be safe. Do you qualify? Imagine for a moment that all your credit card, student loans and medical bills have disappeared. What would be left over at the end of the month? Is it less than $200? Would you barely be making it? If so, Chapter 7 is probably the best course of action.