What Are The Benefits of Filing For Chapter 7 Bankruptcy in Buffalo NY?

I’m often asked what the benefits are for filing a chapter 7 bankruptcy. A chapter 7 bankruptcy is a full bankruptcy, where you are able to discharge your debts. Typically, a chapter 7 bankruptcy is going to eliminate unsecured creditors, and at the same time allow you to re-affirm, and continue to pay on secured creditors such as mortgages and car loans. The benefits of a chapter 7 bankruptcy are substantial to the filer.  First of all, you are able to eliminate all your unsecured debt.  You are able to take care of the garnishments and eliminate those.  You are able to take care and eliminate the harassing phone calls that you are receiving on a daily basis.  At the same time, we are often to protect most, if not, all of your assets. A chapter 7 bankruptcy, even though it is a full bankruptcy, does not mean that you are going to lose everything. Many assets are exempt under the bankruptcy code and you get to keep these assets.

This informational blog post was brought to you by Randy H. Gugino, an experienced Buffalo NY Bankruptcy Lawyer.