A typical Chapter 7 Bankruptcy is completed in just 4 to 5 months
Don't repay any of your debt
KEEP your job
KEEP your car, most often*
KEEP your house, most often*
KEEP your retirement
KEEP money in your bank account around $1,000
STOP wage garnishments even if they have already started
STOP repossessions
STOP evictions
STOP foreclosures
STOP the annoying phone calls, threats, and calls at work from debt collectors
STOP the collection letters in the mail
*Please note: Must be current on payments when bankruptcy is filed, and continue payments after bankruptcy.
RESET the following bills to $0
Medical bills
Credit card bills
Utility bills
Phone/cable bills
Payday loans/cash advances
Many car accident claims
Tax debt to the IRS and to the state can be reset to $0 (under certain circumstances)
*Please note: Student loans, child support/alimony, and tax debt within the past 3 years cannot be reset.