Chapter
Seven (7)
In a Chapter 7 agreement, the court resolves most
debts by selling assets and property so that the
filer is given a fresh financial start. The court
takes all assets including cars, homes, furnishings,
jewelry or anything else of value. The assets are
sold to pay off the debt. There are some debts that
a person may wish to repay on their own instead
of having the court resolve it. This is called reaffirmation.
Reaffirmation is a special payment plan with the
court. For example, if a car loan is reaffirmed,
the person keeps the car and makes payments under
new terms. Chapter 7 bankruptcy will not eliminate
debts due to taxes, child support, alimony, student
loans, court fines or personal injury caused by
driving drunk or under the influence of drugs. A
Chapter 7 filing will remain on a credit report
for 10 years.
Please fill out the Christian debt information request form on the right to request more information about our Christian debt programs. |
|
|
