Both individuals and businesses may find themselves with more debts than they can pay when due. In such cases, filing for bankruptcy may provide a solution to what seems like an insurmountable problem. Most bankruptcies filed in the United States are governed by Chapter 7 of the Bankruptcy Code. A bankruptcy lawyer’s goals are to help Chapter 7 debtors make a fresh start.
A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment. In addition, the Bankruptcy Code will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor’s remaining assets. It is important to speak with an experienced bankruptcy attorney to determine if your assets are “exempt” property.