There are different chapters of bankruptcy. G & B Attorneys handles Chapter 7 bankruptcies, which are formal proceedings when a debtor seeks to eliminate his or her outstanding debts. The common goal for a Chapter 7 Bankruptcy debtor is to eliminate as much debt as possible and start over fresh from a financial standpoint. In a Chapter 7 Bankruptcy, a bankruptcy trustee will seek to recover your non-exempt assets and liquidate the same in order to distribute the proceeds garnered from those assets to pay off to your existing creditors. Creditors are paid based on priorities as prescribed in the Bankruptcy Code. Although not all debts are dischargeable, many are. It is important to consult an experienced bankruptcy attorney to determine whether filing Chapter 7 Bankruptcy is the right decision for you.
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