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Chapter-Bankruptcy-Lawyer20161As a chapter 7 bankruptcy lawyer, we can sit down and help you decide which type of bankruptcy is right for you. If you are looking for a clean, fresh start, free from your current debts, then a chapter 7 is probably the best solution. Instead of restructuring or reorganizing your debts, it eliminates them. This is the best case scenario for starting over, but it is not guaranteed. In order to qualify, you must pass a means test and have the court approve your request. This is why you should get help from an experienced attorney.

Facts About a Chapter 7

  • If you want to file a Chapter 7 bankruptcy to have your debts “erased,” you must be an individual.
  • If you decide to file for bankruptcy, you should complete the process because if you cancel it or fail to appear before the court, you will not be able to file again for 180 days.
  • You must participate in credit counseling before your bankruptcy can be approved and finalized.
  • Just because you file for a chapter 7 bankruptcy, that does not mean yours will be approved. It is subject to court approval, and even if it is approved, certain debts may not be discharged. This is why it is important to work with a chapter 7 bankruptcy lawyer.

The Details

Once you have decided to file for a chapter 7, you will need to fill out a variety of forms, including financial disclosures. You will need to disclose all your assets, and that includes your checking and savings accounts, stocks and bonds, vehicles, homes, jewelry, personal belongings, and anything else of value. Since you are asking for the court to wipe out your debts, they will want to see if there are any assets that can be liquidated to pay toward them. However, you should know that if your homes and cars have a loan on them, you may be able to keep those assets by excluding them from the bankruptcy and continuing to make monthly payments.

You will also need to list out all your debts, whether you are seeking bankruptcy relief on them or not. Your disclosures must be thorough, with the most recent information, who the account holder is, what the monthly payments are, etc.

The court will also review your income to see how much money you make and whether or not you should have the means to make your monthly debt payments and still afford your living expenses. The court will look at the last six months of your income so if you took a pay cut, you may want to wait until six months after the fact before filing.

Legal Assistance

As a chapter 7 bankruptcy lawyer, we understand the true benefit of filing for debt relief under the bankruptcy code. It can help you achieve your goals not just financially but in life. Debt is a burden that can be hard to shake, but this can be your way out. To find out if you qualify and to discuss the process in greater detail, give us a call.