Brian M. Blum, Rosenstein Law Group, PLLC
8010 E. McDowell Rd., Suite 111, Scottsdale, AZ
- Chapter 7 & Chapter 13
In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for ?exempt? property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors.
If you want to keep property like a home or a car and are behind on the mortgage or car loan payments, a chapter 7 case probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.
Call us at 480-248-7666 so we can advise you if bankruptcy can get you a fresh financial start.
