CHAPTER 7 BANKRUPTCY
A Chapter 7 bankruptcy is designed to help individuals get out from under bills they simply can’t afford to pay and gives them a much-needed fresh start. In a Chapter 7 bankruptcy, there is no monthly payment made to the court or trustee, making it a viable option for anyone looking to break free from a financial crisis.
Keep Your Property with Chapter 7 Bankruptcy
Most people worry that filing for Chapter 7 bankruptcy will mean that they’ll lose their property. This is, thankfully, not the case for the majority of individuals. Chapter 7 is designed to settle your debts through the sale of any property valued above certain limitations. The law provides the for certain property to be claimed exempt and retained free and clear of your debts.
To keep property with liens against it often requires continuation of the monthly payments, although most household goods can be kept without making these monthly payments. Filing for Chapter 7 bankruptcy can alleviate much of your financial burden and make it easier to remain current on minimum monthly payments. This makes it an attractive option for people looking to file for bankruptcy and keep their property throughout the process.
One of the biggest emotional hurdles for an individual facing bankruptcy is the feeling that they have failed financially. While some people are afraid to file for bankruptcy because they think they’ll lose their belongings, others are so dedicated that they feel filing for bankruptcy means admitting defeat.
At the Bolton Law Group, we work hard to dismantle these myths. The reality is that hardworking, well-intentioned people file for bankruptcy every day. Total Bankruptcy released the following statistics regarding Chapter 7 Bankruptcy:
In 2010, there were 1,139,601 Chapter 7 bankruptcy cases filed. Businesses accounted for just 3% of these, filing a total of 39.485 cases. Meanwhile, individuals and families comprised the other 97% at 1,100,116 cases.
The average age of a person filing for bankruptcy is 38, but there were bankruptcy cases filed by individuals as young as 19 and as old as 90.
A common misconception is that single people file for bankruptcy more often, but this is not true. Couples filing jointly accounted for 44% of bankruptcy cases, while single women and single men only accounted for 30% and 26%, respectively.
Another misconception is that those with higher education file for bankruptcy less frequently. Again, this is not true. On average, individuals who file for bankruptcy have higher education levels than those who don’t.
About 50% of bankruptcy filers have dealt with a significant medical event in the recent past. About two-thirds of filers cited unemployment as a contributing factor to their decision.
91% of people who file for bankruptcy report medical expenses, job loss, or divorce as a key contributor to their bankruptcy case.
As you can see, bankruptcy can happen to anyone, and it’s often due to unforeseen circumstances. Life is filled with unknowns. If you’re facing financial crisis, let our team show you how filing for bankruptcy can help you move forward with your life.
CHAPTER 7 BANKRUPTCY ATTORNEYS IN PIEDMONT TRIAD
Bolton Law Group, P.A. serves individuals and businesses seeking bankruptcy advice and debt relief. Located in Greensboro, North Carolina, the board certified attorneys of Bolton Law Group have assisted more than 15,000 individuals and businesses in the Piedmont Triad area. Attorneys Phil Bolton and Diana Santos-Johnson will consult with you about your options, provide expert guidance for financial recovery, and give you long-term advice that’s built on strong financial principles. Contact our team today to learn how you can get the financial restart you need.