Bankruptcy Attorneys and Chapter 7
Chapter 7 bankruptcy is often recommended by corporate and personal bankruptcy attorneys for clients who have accumulated more debt than they are able to repay. In terms of personal bankruptcy, Chapter 7 has far reaching repercussions that will eliminate certain types of debt and leave the individual with certain personal assets.
Bankruptcy attorneys can also file a Chapter 13 bankruptcy for those clients who need some relief but can submit a reasonable restructuring of their debt to be payable over three years. Chapter 7 bankruptcy does not offer relief from any secured debt but it does halt all collection activity until such time as the bankruptcy court finalizes the filing.
Bankruptcy attorneys will review all options with clients before actually recommending bankruptcy. Chapter 7 bankruptcy clients should always understand all legal language and terms used by bankruptcy attorneys. The clients should also understand that creditors are permitted to contest the bankruptcy before the discharge is approved by the courts.
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