Chapter 7 Bankruptcy
Chapter 7 Bankruptcies are often referred to as “Fresh Start Bankruptcies.” This nickname comes from their intended purpose. When debts get to a certain level (usually dependent on their ratio to income) there is little to any chance that they will ever be able to be repaid. If these debts are left in place, then they can effectively handcuff a person for the rest of their life.
By resetting the debt load, Chapter 7 bankruptcy allows consumers to get out from under the financial hardship that comes from unfortunate life events, and/or poor decisions and get on with the rest of their lives. Chapter 7 bankruptcies are very powerful financial tools. They will eliminate many debts including: Medical Bills, Credit Cards, Lines of Credit and much more.
Limitations in Chapter 7 bankruptcies are, they cannot eliminate: Taxes, Student Loans, Child Support, or Criminal Fines & Restitution. Taxes can be resolved through negotiation after bankruptcy. If you have tax debts, then let one of our attorneys know and they can give you suggestions on how to approach them.
When you hire Morse & Associates, LLC, we will accept phone calls from your creditors – so that they don’t call you. By filing for bankruptcy an order called the “automatic stay” is issued. This order makes it illegal for your creditors to contact you regarding debt collection and ends their tactics of harassment.
