Chapter 7 Bankruptcy Attorney Services
For many people, filing for a Chapter 7 bankruptcy is seen as the final step in a personal financial crisis. Honest and hardworking people may have concerns about filing. While this thought is understandable, Chapter 7 bankruptcy should be seen as the beginning of your new financial freedom.
Chapter 7 Bankruptcy: How the Process Works
Step One: During a free consultation, as your attorney, we will get the information necessary to decide what course of action is most appropriate for your situation. You can ask questions, tell your story, learn about fees and learn how the law will apply to your specific case.
Step Two: If bankruptcy turns out to be the appropriate course of action for your case, and you retain the Rosenberg Law Group, PLLC, you will receive a packet of forms and information to take home and fill out. Later, you will review it with an experienced legal assistant to make sure everything is filled in correctly.
Step Three: Your bankruptcy attorney will thoroughly review all the relevant documents with you and make sure everything is in order. After any necessary changes have been made, you will sign your bankruptcy papers.
Step Four: Your bankruptcy petition is filed with the court.
Step Five: Within 10 days, you will receive a response from the court setting a date for a meeting with your creditors and with a bankruptcy Trustee. At this meeting, the Trustee will ask questions about your income, assets, expenses and liabilities. Creditors may protest your bankruptcy at this meeting, but they rarely even show up.
Step Six: For a Chapter 7 Bankruptcy, the Trustee may object within 30 days of the meeting, and your creditors may object within 60 days. If both of these deadlines pass without an objection, your debt will be officially discharged.
Step 7: 90 days after your debt has been discharged, run a credit report follow-up to ensure that your credit profile is accurate and your debts are gone for good.
Advantages of a Chapter 7 Bankruptcy
When you can’t pay bills like credit cards, medical debt, or loans, a Chapter 7 bankruptcy might allow you to discharge your legal obligation to pay many of your debts and give you a fresh start. A Chapter 7 bankruptcy is often appropriate when there is no money left from your monthly paycheck to pay your bills like credit cards and signature loans. When you can’t pay bills like credit cards, medical debt, or loans, a Chapter 7 bankruptcy might allow you to discharge your legal obligation to pay many of your debts and give you a fresh start.
Chapter 7 Bankruptcy Protections:
1. Stop liens on your paycheck or bank account
2. Stop foreclosure of your home
3. Stop repossession of your vehicle
In a Chapter 7 bankruptcy, you are allowed to keep a certain amount of “exempt” property and must give up property that is not “exempt”. Unless reaffirmed through the bankruptcy court, property that is not exempt may be sold by the court representative (called the bankruptcy “Trustee”).
Many people find that all of their property is exempt, but because situations vary, we will discuss any non-exempt property with you during your consultation so that you can make a decision on whether this is the type of bankruptcy that will best suit your family’s needs.
We offer a free consultation with our Bankruptcy attorneys.
Our attorneys are waiting to assist you. Fill out the Bankruptcy Intake Form by clicking here. Once you’ve completed this information, our attorneys will contact you to setup your Free Consultation.
If you have additional questions, contact us today!