This course of action is known as liquidation, as you will sell the majority of your assets to pay at least some of your debts. It will take approximately six months, and approval from multiple parties is required before you can complete the process. You will likely only need to visit the court once during the procedure, though you can expect to meet with your attorney more frequently to iron out the details.
You will need to liquidate many of your assets in order to begin repaying your debts. In many cases, you will be permitted to retain your home, your car, any work-related equipment, your clothes, and the majority of your home's furnishings. However, anything extra that you do not appear to need will be sold in order to provide your creditors with additional funds. In chapter 7 bankruptcy, you will be required to repay at least a portion of your debts; however, in the vast majority of cases, you will not be required to repay the full amount. However, the creditors must concur to the proposed payment amount, as this is a compromise.
One of the finest features of chapter 7 bankruptcy is the automatic stay, which prohibits creditors from contacting you to collect debt. Many individuals receive multiple phone calls per day from creditors who leave threatening or hostile messages on their answering machines if past-due expenses are not paid. While you are negotiating the chapter 7 bankruptcy, your attorney will cease these calls.
Obviously, this course of action is preferable to doing nothing and allowing bill collectors to harass you for years. It is a method of beginning over in order to eliminate debt. If you want to halt harassing phone calls and wage garnishments, consider meeting with an attorney to discuss this course of action.""
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