Chapter 7 Bankruptcy Overview

Alternatives to Chapter 7

Filing for Chapter 7 may not always be the best choice, depending on your circumstances.

If you are "judgment proof" with very little money or non-exempt property that creditors could take to satisfy a court judgment, taking no action might be the best option. Creditors may negotiate with you to forgive some debt or agree to a repayment plan. Rather than file for bankruptcy, you may be able to sell some property to repay your creditors.

If you have too much income to qualify for Chapter 7, or would like to keep your property, a Chapter 13 Bankruptcy may be a better alternative.

Contact Attorney Sherwood to help you work through your options to fashion an approach that is best suited to address your financial situation.

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