Millions of Americans already have or will one day file for bankruptcy in order to protect themselves financially. Bankruptcy is a legal process that helps people eliminate their debts or repay them under bankruptcy court protection. There are two options for most people filing for bankruptcy: Chapter 7 and Chapter 13. While many people may be confused as to which one is “better”, the truth is that they are useful for different people in different situations.
Chapter 7 bankruptcy may be for you if you are looking for liquidation, as you are asking the bankruptcy court to discharge the debts you owe. You file a petition in which you as the court to wipe out your debts in exchange for any un-exempt property. As with any bankruptcy you must complete credit counseling from an approved agency before you file, and again before you receive a discharge. The quickest and easiest plan of action, many people opt for a Chapter 7 bankruptcy because there is no cap on how much debt you can have before you file. A Chapter 7 bankruptcy allows you to keep making payments on a mortgage or vehicle, therefore allowing you to keep those items. However, if you are behind on your payments, a Chapter 7 bankruptcy may not be right for you.
Contact Our Ontario Bankruptcy Attorneys
Finances can be complicated, which is why it is best to refer to an Ontario bankruptcy attorney for any and all of your legal and financial needs. Our experienced legal team at Wadhwani & Shanfeld has helped countless families overcome their financial struggles by filing a Chapter 7 bankruptcy, and we are understanding of your difficult situation. Our compassionate nature combined with the fact we keep you informed every step of the way makes us your number one candidates for Ontario bankruptcy attorneys you can trust.
To reach our firm and speak to a representative, don’t hesitate to call us at 800.996.9932.