Serving Clients Throughout Upstate South Carolina

Serving Clients Throughout Upstate South Carolina

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Understanding Chapter 7 Bankruptcy

The Chapter 7 bankruptcy is ideal for individuals who are burdened by unsecured debt. Unsecured debt, or consumer debt, includes credit cards, revolving lines of bank credit, overdraft protection lines of credit, department store credit, and any advance of money without collateral. In Chapter 7, we request that the Bankruptcy Court discharge, or cancel, your unsecured debt. Most unsecured debt, with the exception of student loans and some taxes, can be discharged under Chapter 7, relieving you of the obligation to repay the debt.

Secured debts, such as mortgaged homes and financed cars, are not dischargeable under Chapter 7, unless the amount remaining owed is very low. Under Chapter 7 you have the option of returning secured collateral to the securing party, usually a bank, or keeping the property and continuing to make the required payments. For many people, the relief from unsecured debt allows them to catch up on and maintain payments on secured debt. If the bulk of your debt is secured, a Chapter 13 might be more appropriate for you.

A Chapter 7 filing will immediately stop creditor harassment and legal action.

WARNING: If your creditors are suing you and you have received a summons and complaint, you must respond in a timely manner or you will suffer a default judgment that may not be removable in bankruptcy. You should consult an experienced personal bankruptcy lawyer immediately.

Visit our Bankruptcy section to learn more.

Contact us anytime to schedule a consultation with an experienced Chapter 7 bankruptcy attorney. 864-202-4601 Toll free: 800-769-0112


Serving the greater Anderson, South Carolina metro area, including Oconee, Pickens, and Greenville.