Chapter 7 Bankruptcy, is designed to quickly wipe out unsecured debts. You may also get rid of secured debts, like a car loan or a home mortgage, if you give that property back to the creditors.
Straight bankruptcy does not mean you will lose any property. You do not have to give up your house nor your cars. Instead, you work directly with your home mortgage or car finance company to catch up any payments that are behind. If you are current on payments, just continue to pay business as usual.
Keep in mind that no type of bankruptcy allows you to keep your financed car or home unless you continue to make payments on the debt. A creditor is not required to give you time to catch up on delinquent payments on your car or home unless you file Chapter 13.
You must wait 8 years between filing straight bankruptcy cases. If you need relief sooner than that, then you are always eligible for a Chapter 13 reorganization plan where you pay creditors pennies on the dollar. Please contact us for more information on Chillicothe Chapter 7 Bankruptcy.
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