Chapter 7 Bankruptcy Attorneys in
Chapter 7 bankruptcy, also known as "personal" or "liquidation" bankruptcy, primarily:
- Eliminates unsecured debts (credit cards, medical bills, lawsuits, judgments, etc.). Your debts are gone (no repayment is required)!
- Allows you to keep all your assets, including your home.
Chapter 7 Bankruptcy & the "Means Test"
Under the new bankruptcy laws, high-income earners may not qualify for Chapter 7 bankruptcy. However, certain exemptions, credits, and deductions may make you eligible. You need an experienced lawyer to determine if you qualify under the "means test."
How Does Chapter 7 Bankruptcy Work?
Under Chapter 7 bankruptcy, the court appoints a trustee to examine your records and determine your net worth. This is the information that we will organize and file on your behalf. Part of the trustee's job is to pay creditors by liquidating any substantial assets that are not protected under the law.
However, most vital assets are generally protected, including your home and automobiles. It is important for an experienced attorney to evaluate your assets and make sure they are all protected under the law. Filing for Chapter 7 bankruptcy will NOT AFFECT your retirement accounts, IRA's, or pension plans.
Our Simple 4-Step Process
- Free consultation: Take advantage of our free consultation to discuss your situation. If bankruptcy is not your best option, we'll be the first to tell you and suggest helpful alternatives.
- Know your options: We will help you understand, in plain terms, what your choices are and the benefits of each. Don't spend hours or days reading through websites and other confusing materials. We can quickly determine what applies and what doesn't in your unique situation.
- Same-day filing: When you're ready, we file your case electronically. You gain instant protection from creditors, and you are on your way to relieving the stress caused by too much debt.
- Let us do the rest: We'll easily guide you through the process of declaring Chapter 7 bankruptcy and get bill collectors off your back! It's illegal for creditors to harass you once your case has been filed, so refer them to our office and we'll put a stop to it.
Dealing with debt is difficult; that's why we make the bankruptcy process as easy as possible. Contact our Chapter 7 bankruptcy attorneys today for a free consultation.
Should You File for Chapter 7 Bankruptcy?
Even if you manage to pass the "means test," Chapter 7 may not be right for you. In general, you will benefit from filing Chapter 7 bankruptcy if most of your debt is unsecured, meaning it is debt without collateral.
Common types of unsecured debt include credit card debt, medical bills, student loans, utility bills, etc. Certain types of loans may not be protected under Chapter 7.
Chapter 7 is particularly advantageous if:
- You have a considerable amount of medical debt.
- You are being harassed by creditors. Filing Chapter 7 bankruptcy will prevent them from continuing to do so.
- You do not own a significant amount of personal property. If you own large amounts of real estate, personal belongings, or other valuables, you may want to think about Chapter 13 bankruptcy instead.
Individuals with a low credit score will not be greatly impacted by filing bankruptcy. Bankruptcy remains on your credit for seven to ten years, and if your score is already low, it will not drop much lower. Most people can rebuild their credit score over two to three years after filing bankruptcy.
We strive to make the bankruptcy process as smooth and simple for you as possible. Reach out to our firm today to schedule a free in-person or virtual consultation today.