Chapter 7 Bankruptcy (Liquidation Bankruptcy)
Marco Wimmer, PLLC
Bankruptcy, Bankruptcy Lawyer, Bankruptcy Attorneys
Chapter 7 is typically called the “Liquidation Bankruptcy” because in it the Bankruptcy Trustee takes all of the debtor’s nonexempt assets and ‘liquidates’ them – i.e. sells them for the benefit of the creditors. Marco | Wimmer PLLC offer their legal services to help you with Chapter 7 Bankruptcy, liquidation bankruptcy.
It’s important to know that the trustee does not take all of your ‘stuff’ in chapter 7. The key word is ‘non-exempt’ assets – essentially everything the Arizona legislature has deemed not absolutely necessary in order to lead a productive live. Arizona has pretty generous exemptions, and most of my clients find that they do not own anything that is ‘not exempt’ – therefore, the trustee does not take anything from them.
Chapter 7 bankruptcy is a quick process of about 4 – 6 months in a typical case, and at the end all of your dischargeable debt is discharged, and the creditor can never ask you to pay them again. However, Chapter 7 is not for everyone. If you have the ability to pay back some of your debts, the law may find that you do not qualify for Chapter 7 relief. Visit our webpage to learn more about the process of Chapter 7 relief: https://marcowimmerlaw.com/bankruptcy/chapter-7/
To qualify for a Chapter 7 Bankruptcy relief, you need a knowledgeable bankruptcy attorney to walk you through the process. Contact the attorneys at Marco | Wimmer PLLC in Mesa, Arizona to assist you through this process.
Marco | Wimmer PLLC
123 North Centennial Way, Suite 110
Mesa, AZ 85201
Email: [email protected]
, Bankruptcy Attorneys
, bankruptcy law
, Bankruptcy Lawyer