When facing mounting debt due to job loss, medical bills, death of a spouse or uncontrollable expenses, it is important to understand your options. Filing Chapter 7 bankruptcy is often times the easiest way to eliminate debt and get a fresh financial start.
I am Wilmington bankruptcy attorney Angelique Crabill. At my law firm, Crabill Law, I represent clients throughout Delaware who are getting a fresh financial start by filing Chapter 7 bankruptcy.
The general idea behind Chapter 7 bankruptcy is liquidation of assets to pay off creditors, however, most cases do not involve any liquidation at all. Delaware law provides very generous exemptions that protect bankruptcy filers' property. This means that most people do not have to worry about losing their home, their vehicle or their personal property when they file a Chapter 7 bankruptcy in Delaware. If a person has property that they cannot exempt and would stand to lose in a Chapter 7 bankruptcy, there is always the option of filing under Chapter 13 instead.
Relief begins as soon as your Chapter 7 bankruptcy is filed. Collection efforts, such as wage garnishments and harassing phone calls cease immediately. Law suits against you are stayed.
Chapter 7 typically takes about four months from the date of filing to the date of discharge. When a debt is discharged, it no longer needs to be paid. Most, but not all, debts are discharged in Chapter 7 bankruptcy . Once you receive your discharge, you are in a far better financial position and are able to start rebuilding your credit immediately.
Chapter 7 is not an option for everyone. Some people do not qualify for Chapter 7. Even if you are ineligible for Chapter 7, Chapter 13 may be an option for you.
At Crabill Law, I take time with each client to understand his or her case and concerns. I work closely with my clients to ensure they are comfortable with the Chapter 7 bankruptcy process and are able to move on with their lives as quickly as possible.
Contact me for a free initial consultation.