Redwood City Bankruptcy: Chapter 7 Benefits

A Chapter 7 Bankruptcy acts to eliminate most or all unsecured debt, debt that is not secured, or attached to any property – having no collateral. Many Redwood City residents find thing a great plus. Examples of unsecured debt that will be eliminated in a Chapter 7 Bankruptcy are credit cards, medical bills, payday loans, utility bills and personal signature loans. In essence, by completing of a Chapter 7 Bankruptcy, a person will owe creditors anything for most types of unsecured debts. In a Chapter 13 Bankruptcy however, at least some of unsecured debts must be paid back to creditors. Note there are certain types of debt that cannot be eliminated whatsoever, but Chapter 7 Bankruptcy can get rid of most unsecured debt.

Another benefit of Chapter 7 Bankruptcy is that you can obtain relief from your debts in a shorter period of time. The typical Chapter 7 Bankruptcy case lasts only three to four months from the date you file your Chapter 7 Bankruptcy case with the court until you receive your discharge. A Chapter 13 Bankruptcy is a repayment plan that lasts 36 to 60 months. A Chapter 7 Bankruptcy can help you become debt free in only three to four months.  Call Sagaria Law and schedule your appointment with a knowledgeable San Diego attorney regarding your options.

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