Filing for Chapter 7 bankruptcy is a step towards freedom from debt, but it is also a step that has long-term repercussions. On a positive note, it means that you no longer have to worry about getting calls and letters from credit agencies or those to whom you owe money, and will give you back a sense of control of your financial destiny. It also will have an impact on your credit rating for many years to come, and may make it more difficult for you to take out loans or have access to certain services in the future. A Philadelphia Chapter 7 lawyer from Reinherz Law Offices can explain all of the benefits and downsides to filing Chapter 7, and help you through the complex process itself. Call us today to set up a convenient appointment that will provide you with all of the answers that you need.

Chapter 7 bankruptcy is also known as liquidation. It gives you a fresh start by discharging many of your debts, including credit card debt, medical bills, and foreclosure actions on your home or property. In exchange you are required to allow the sale of non-exempt assets in order to pay back as much as possible to those who you owe money to. This option is generally best for those who are either unemployed or who have found themselves in a position where their income has been reduced permanently, and who have a lot of credit card or medical debt.  When you contact a Philadelphia Chapter 7 lawyer from Reinherz Law Offices and make the decision to proceed, we will first file a petition on your behalf with the U.S. bankruptcy court, spelling out all of your financial information and asking the court to stop all collection proceedings against you. The court will notify your creditors of your filing, and this will automatically halt foreclosures and repossession threats.

Once this step has been completed, the matter will rest in the hands of the court. They will assign a trustee to review the specifics of your case as well as the interests of those to whom you owe money and find a way to provide as much compensation to them as possible through the sale of some of your assets. After this step is completed the rest of your debts will be discharged. It is important to note that bankruptcy does not discharge your obligation to make alimony or child support payments, certain taxes, debts as a result for personal injury cases or for criminal restitution orders, as well as several other exceptions.

Chapter 7 bankruptcy is a viable option for those who have never declared bankruptcy before and who have so much debt that they see no way out. For an appointment to discuss whether it is the right answer for you, contact the Philadelphia Chapter 7 bankruptcy lawyers at Reinherz Law Offices today.

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