Bankruptcy Law

Bankruptcy will eliminate most of your debts, such as unsecured debts including credit card bills, medical bills, and payday loans. You may still be required to pay your secured debts, such as your mortgage or motor vehicle loan. Some debts cannot be eliminated by your bankruptcy. 

Chapter 7 Bankruptcy forgives you of most of your debt. You can keep most or all of your assets with a few exceptions. These exceptions depend on federal and state laws. A person called a bankruptcy trustee will be appointed to your Chapter 7 case to oversee the liquidation of your assets. You may file for Bankruptcy once you have filled all the requirements of filing for Chapter 7 Bankruptcy. At some point in the process, all of your creditors will be invited to attend a meeting where you will be present, but in most cases no creditors appear. Once your case is approved, you will be discharged from your debt. This means your debt will be forgiven. After this point, none of your creditors will be allowed to hassle you over your forgiven debts. 

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