Chapter 7
Chapter 7 is a feasible option for those who are looking for a quick way to erase debt and are willing to handle the significant credit hit may follow. Richard P. Arthur, Attorney at Law knows this process well.
If you are no longer able to meet your obligations due to financial hardship, bankruptcy could be a good option.
Filing for bankruptcy means legally stating that you are incapable of meeting your debt payments on time. Should you qualify, a Federal court will impose an order declaring you legally bankrupt and discharge your debts. After this, you will have the opportunity to make a fresh start with minimal obligations to repay many of your debts.
The two most common bankruptcy options pursued are Chapter 7 bankruptcy and Chapter 13 bankruptcy. As an experienced bankruptcy lawyer, Richard P. Arthur can review your financial situation and help you determine which option is best.
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