What is Chapter 7 bankruptcy? should you file Chapter 7 bankruptcy? What are the reasons to file for Chapter 7 bankruptcy? These are a few of the questions that will be answered in this video blog about what is Chapter 7 bankruptcy. Chapter 7 bankruptcy or otherwise known as liquidation bankruptcy or fresh start bankruptcy, is when an individual or couple file for bankruptcy to eliminate all of their dischargeable debt and also have any assets which are not exempt of all liquidated by the bankruptcy trustee. When working with a bankruptcy attorney, the vast majority of all assets will be exempted from liquidation. This means that more than likely none of your assets will be taken by the bankruptcy trustee and liquidated to pay your debts. nonexempt assets are usually high-value items such as jewelry, second cars, jet skis, boat, a second home or in investment portfolios just as in bonds.exempt assets on the other hand are motor vehicle up to a certain value, reasonably necessary household goods and furnishings, household appliances such as washing machines and dryers, jewelry up to a certain value, pension and retirement funds, and any other asset that is exempt under the bankruptcy code. it is very important to use the services of an experienced attorney to verify if any alternatives may help your particular situation, such as Chapter 13 bankruptcy, debt settlement or a mortgage medication. The main reasons that you file Chapter 7 bankruptcy is in charge unsecured debts, such as credit card debts, loans and medical bills. This is important because you a fresh start after discharging these debts. this video will also describe to you what you should do before filing Chapter 7 bankruptcy, always seek the services of an experienced bankruptcy lawyer and also determine when the best time for you to file is.

Joseph F. Botelho, Esq.

BOTELHO LAW GROUP
Attorneys At Law

901 Eastern Ave.
Unit 2
Fall River, MA 02723

Office:  888-269-0688