How can a Chapter 7 Bankruptcy help me?

In a Chapter 7 Bankruptcy, if you are current with payments on your car, your home or other debt that is secured by collateral, you can continue to pay or those loans and keep your home and cars, boats, motorcycles or other collateral. You can pick and choose which debts you want to reaffirm and which ones you want give up and have discharged. In other words, you could keep one car, and let another one go: or keep two cars and let your boat go: It’s entirely up to you if your payments are on time and current.

If you aren’t  current with your payments but want or need to keep your house, car, motorcycle or other property, then a Chapter 7 wouldn’t be the right choice for you. Most banks and creditors won’t reaffirm debt that is past due.  Thankfully though, under a Chapter 13 Bankruptcy you can keep your car, home, or possessions even if the payments are past due and they are in danger of repossession or being foreclosed on.

Let the experienced attorneys at Harmon and Gorove help you with your financial issues.  Call our office today to schedule a free consultation so we can discuss whether a bankruptcy can help you or not.