Carlsbad Bankruptcy: Ch. 7 benefits

The primary benefit of a Chapter 7 bankruptcy is to eliminate most or all of your unsecured debts. An unsecured debt is the debt that is not secured, or attached to any properties. The most common examples of unsecured debts that can be eliminated by a Chapter 7 bankruptcy are credit card payments, medical bills, payday loans, utility bills, and personal signature loans. All of those unsecured debts can be eliminated by Chapter 7 bankruptcy. Upon a successful completion of Chapter 7 bankruptcy, you will not owe your creditors anything for most types of unsecured debts. By contract, in a Chapter 13 bankruptcy, you must always pay back at least some portion of your unsecured loans. At the same time, there are some types of debts that cannot be eliminated by any kind of bankruptcy.

Another benefit for Chapter 7 bankruptcy is that you can obtain your relief within a shorter period of time. The typical processing time for a Chapter 7 bankruptcy is about 3 to 4 months, while a Chapter 13 repayment plan will last about 36 to 60 months. Within 3 to 4 months, you will become debts free with a Chapter 7 bankruptcy. Call Sagaria Law – Carlsbad and schedule your appointment with one of our experienced attorneys.

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