Chapter 7 Bankruptcy

Are You Eligible for Debt Elimination?

Chapter 7 bankruptcy is a relatively straightforward way of getting rid of debts you cannot afford to pay. If you are eligible for Chapter 7 bankruptcy, it may be possible to get your credit card balances, medical bills and other debts eliminated within a matter of a few months.

I'm Steven Bilsky, a Memphis-based attorney who has been helping clients in Tennessee achieve debt relief through bankruptcy for more than 30 years. To learn more about your Chapter 7 bankruptcy options, contact me today to schedule a free consultation.

Make a Fresh Start by Discharging Unsecured Debts

Chapter 7 bankruptcy — also known as liquidation or straight bankruptcy — allows eligible debtors to completely eliminate certain types of unsecured debts. An unsecured debt is a debt that is not backed by a particular piece of property like a home, car or item of furniture.

Credit cards and medical bills are the most common types of debts that people eliminate in Chapter 7 bankruptcy. Some lines of credit and certain unpaid taxes can also be discharged.

For many people, the elimination of debts in Chapter 7 bankruptcy is an opportunity to make a fresh start. If you also have secured debts such as mortgage loans, wiping out your unsecured debts in Chapter 7 bankruptcy may help you keep up with your payments.

Talk to a Lawyer Before Filing Chapter 7 Bankruptcy

Chapter 7 bankruptcy is not the right option for everyone. You may have too much income to qualify under the so-called "means test" that Congress adopted in 2005, or you may have too much home equity to avoid being required to sell off your home to repay your creditors.

It is important to consult with an experienced lawyer before filing Chapter 7 bankruptcy. I understand how the system works and can explain what you can expect to happen if you file for Chapter 7 bankruptcy. Don't hesitate to contact me to discuss whether Chapter 7 bankruptcy is right for you.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.