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Bankruptcy Law
- » Chapter 7 Bankruptcy
- •All too often, when the bills begin piling up, you start to feel as if you cannot keep your head above water. With a constant barrage of debt collectors attempting to squeeze every last penny from your pocket, life can quickly lose its luster. However, you have the power to regain financial control of your life and to not be afraid every time the phone rings.
- » Bankruptcy may be a debt-relief option for you if you:
- •have a lot of credit card debt and are struggling to catch up
- •are behind on mortgage or car payments
- •are facing foreclosure or repossession
- •are only making minimum monthly payments
- •are laid off and can’t pay your bills
- •have a large amount of medical bills
- •are having difficulty making it from paycheck-to-paycheck
- » What Kind of Debts can Chapter 7 Bankruptcy Eliminate:
- •Credit Card Debt
- •Medical Bills
- •Unsecured Loans
- •Lines of Credit
- •Foreclosure Deficiencies
- •Repossession Deficiencies
- •Judgments
- •Some Taxes
- » Chapter 7 Bankruptcy Process:
- •Chapter 7 Bankruptcy is different from other bankruptcy filings because the debtor need not make any payments to the trustee. After filing your petition, all debt collection and foreclosure activity is suspended. This is called an “automatic stay.”
- •Upon filing your bankruptcy petition, a trustee is appointed to handle your case. Approximately four weeks after filing your petition, you will attend a “meeting of the creditors.” During this meeting you will be asked some questions about your financial situation. The trustee collects all non-exempt property, sells the assets and distributes proceeds from the sale to the appropriate creditors. Approximately 2 months after the meeting of the creditors, the court should issue a discharge order that will eliminate your dischargeable debts.
- » Will I Lose All My Assets?
- •In most Chapter 7 Bankruptcy cases, exemption laws allow the debtor to keep everything they own. For example, the debtor can protect basic assets such as a house, car, clothes, household items and more. Please contact our office for a complete overview of Chapter 7 Bankruptcy.