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Chapter 7 Gives You A Way Out From Under Debt

Millions of Americans live with debt every day, paying off a bit every month. But when they face an unexpected setback, such as a job loss, an illness or a serious injury, a debt can become impossible to pay off. Your creditors may call, threatening you with auto repossession, home foreclosure or worse. It is a frightening experience.

Fortunately, there are ways to escape overwhelming debt, including filing for Chapter 7 bankruptcy. Because this is a big decision and can be a complex process, it is important to consult with an experienced attorney. When looking for legal help in Manchester and surrounding areas, the Law Offices of William M. Gillen, PC, is the firm to call. I am firm founder William Gillen, an attorney with more than two decades of experience in bankruptcy law. I have helped thousands of clients – hardworking, everyday people – get out from under crushing debt and get a fresh start in their financial lives. I can help you, too.

Discharging Debt Through Chapter 7 Bankruptcy

Chapter 7 is the fastest, most far-reaching way for individuals to get out of debt afforded by bankruptcy law. After you file for Chapter 7 bankruptcy protection, a court immediately orders your creditors to stop calling you and harassing you while you work out a plan. This is known as the automatic stay.

There are, obviously, different types of debt, and Chapter 7 primarily focuses on discharging unsecured debt, or debt without collateral. This could include things like:

  • Medical bills
  • Credit card bills
  • Utility bills
  • Past-due rent

Not all debts are dischargeable in a Chapter 7 bankruptcy case, however. Some debts which may not be dischargeable under the bankruptcy code include most student loans, back taxes less than three years old, child support payments and fines related to certain criminal acts.

If you qualify for Chapter 7 and meet all its obligations, you should be free of most forms of debt within three to five months. If you don’t qualify for Chapter 7, I can help you reorganize debt through Chapter 13 bankruptcy.

What To Know About Liquidating Assets As Part Of The Process

Chapter 7 is sometimes known as “liquidation bankruptcy,” because it may require you to sell some of your assets in order to pay your creditors. However, this requirement is not as scary as it might at first sound, and it doesn’t necessarily apply in all cases. State and federal laws provide many exemptions to the liquidation requirements, and you will be able to keep your most important assets. For instance, you are allowed to keep the personal and real property which the court deems necessary for you to give yourself a fresh start. In the majority of circumstances in New Hampshire, people are allowed to keep their homes if they do not have more than $200,000 dollars of equity as a married couple or $100,000 dollars of equity as a single person. People are also often able to keep:

  • Retirement plans
  • Automobiles of modest value
  • Vehicles that have little equitable value
  • General personal items, including ordinary household furniture, appliances and consumer electronics

If you are a small business owner, some of your business assets may be impacted by the bankruptcy process. I will work closely with you to protect as many of these assets as possible in order to preserve your livelihood.

Discuss Your Debt Relief Options With A Caring And Attentive Attorney

Some firms disrespect their clients by passing cases off to junior associates and failing to return calls and messages. That’s the opposite of what you’ll experience when you contact the Law Offices of William M. Gillen, PC. I personally handle your legal matter from start to finish, I answer my own phones and I strive to be available when you need me. To learn more about your legal options for getting out of debt, call me at 603-882-3223. You can also contact the firm by email.

The Law Offices of William M. Gillen, PC, is a debt relief agent. It helps people file for bankruptcy protection under the U.S. Bankruptcy Code.