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Chapter 7 bankruptcy ends fear of the phone for many

For approximately 2,000 individuals daily, the sound of the phone ringing is no longer a nightmare. The reason for this change is that these individuals have decided that it is time to take action and stop debt collectors from calling. Many Kentucky residents fall into this same predicament and make the important decision to make a change and file for Chapter 7 bankruptcy.

One of the most important features of Chapter 7 bankruptcy is that once everything is completed the majority, if not all, of the individual's unsecured debt is discharged. This generally includes credit card debt and other debts that are itemized on the bankruptcy documents. In addition, it may be possible for the individual to retain certain secured debts such as the home or car as long as he or she has the financial ability to reaffirm these debts. Many times, by getting out from under the burden of the unsecured debts, this is possible.

Although many debts can be discharged in the bankruptcy process, there are certain items that do not qualify. For example, the majority of student loans are not dischargeable in bankruptcy. The same goes for child support, spousal support and most taxes.

Perhaps one of the greatest immediate benefits of filing for Chapter 7 bankruptcy is that creditors are no longer able to attempt to collect the debt. This means that they can no longer call, attempt to garnish wages or bring suit for payment. This is a relief for many Kentucky residents who have not wanted to answer their own telephones for fear of who might be on the other end.

Source:, "A Closer Look at Chapter 7 vs. Chapter 11 Bankruptcy", Chans Weber, April 11, 2017

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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