In straightforward Chapter 7 bankruptcy cases, most regular
unsecured debts are discharged—permanently written off. You pay nothing on
them.
In a successfully completed Chapter 7 case, “general
unsecured” debts are discharged. An example might be you have $80,000 in a
combination of credit cards, medical bills, and personal loans.
As long as there is no collateral tied to any of those debts, they are most likely “general unsecured” debts and will be discharged.
As long as there is no collateral tied to any of those debts, they are most likely “general unsecured” debts and will be discharged.
- Credit cards
- Medical bills
- Personal loans without collateral
- Broken apartment leases/voluntary repossessions
These are all unsecured debts that can be discharged. If you have secured debt such as:
- Home mortgages
- Car loans
- Personal loans with collateral
- Real estate tax liens
Chapter 13 may be right for you. Your attorney will review
your situation and help you decide which is the best bankruptcy to file.
Whether you’re deep in debt or struggling to stay up with
bills, there’s a solution to your financial situation. King & King has over
40 years of experience and will help you get a fresh start. Please call us for
a free initial consultation at 404-524-6400 or visit us online at www.kingandkingattorneys.com.
