CHAPTER SEVEN LIQUIDATION OF DEBTS

A Chapter 7 bankruptcy is the quickest and generally most painless way to eliminate credit card debt, loan debts, mortgage debt, automobile debt, medical bill debt, check cashing loan debt, loan company debt. Chapter & requires complete disclosure of everyone you owe money to whether or not you intend to pay them back. The creditor gets notified you have filed a Chapter 7 and the debt is eliminated in all but some cases. A complete analysis of your credit and asset situation at the time of filing is important and necessary to the debtors case. If the debt is secured, the collateral is either returned or arrangements are made to continue paying. Student loans and federal taxes owed within the last three years are generally non did-chargeable in Chapter 7. Often the creditor will send a 1099 Q to the debtor after completion of the bankruptcy. This informs the debtor the debts was reported as a loss by the creditor and a gain to the debtor. Nevertheless, the IRS code lets this not count as gain if discharged in bankruptcy. Just remember TK for your BK. Consultations for Chapter 7 or Chapter 13 bankruptcy are free whether in person or over the phone. Call 601-925-9482 or email tkbyrnelaw@gmail.com for your appointment.