What are the Advantages of a Chapter 7 Bankruptcy? – Bankruptcy Attorneys Memphis

Just like a Chapter 13, a Chapter 7 bankruptcy has it’s own unique advantages

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Video Transcript:

Hello, I’m Darrell Castle and I’m an attorney licensed to practice law in the state of Tennessee and I just finished a series of videos on the power of Chapter 13 bankruptcy.

So now, I’m going to do a video series on the power of Chapter 7 bankruptcy. Chapter 7 is a very powerful form of bankruptcy because Chapter 7 allows you to get rid of, and not pay back, any of your unsecured debt. You can clear ALL your debt through Chapter 7 if you really want to.

Those are things we’ll be talking about in future videos, but unsecured debt – things like credit card bills, medical bills, unsecured loans, bad business decisions, leases that you have to break and you still owe money on, car deals that you want to be out of, cars that you can’t afford anymore, cars that have been repossessed and you still owe money on the balance – those types of things can all be cleared COMPLETELY through Chapter 7.

In most cases, you can even keep your property in Chapter 7. You can’t keep your property that is collateralized and not make payments on it, but you can keep your property most of the time.

Chapter 7 then is very powerful and there are a lot of things we’ll be talking about in the future to make Chapter 7 come alive and be more clear to you, folks.