Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the fastest, most straight-forward personal bankruptcy filing. Congress set up bankruptcy as debt relief for honest people who find themselves drowning in unsecured debt. This usually happens because of unforeseen circumstances – injury, business failure, hospitalization, family problems, unemployment, and many more. When you have so much debt that repayment in your lifetime is unlikely and your debts are preventing you from being able to live and function normally then it is time to seek advice from a bankruptcy attorney.
If I file Chapter 7 bankruptcy, what will happen?
First you’ll meet with your new bankruptcy attorney, Kevin J. Rank. You’ll bring in a questionnaire and Kevin will use that to help you understand your options and what filing bankruptcy will look like. If you choose to file bankruptcy we can help you do so immediately for only $500 down, which immediately halts legal proceedings against you, wage garnishment and harassing calls from debt collectors. See our Get Started page and call us today for immediate relief.
In most Chapter 7 bankruptcy filings a person can keep their furniture, cars, home and other personal belongings. However some assets may be sold to pay creditors and you will need to inventory your debts and assets during the bankruptcy process. The process starts with something called a Means Test – to see if you are eligible to discharge your debts the courts will need to see your income and assets and weigh these against your debts and liabilities. For those who do not qualify for a Chapter 7 bankruptcy filing because their income is too high may want to consider a Chapter 13 bankruptcy.
So I’ve decided to file, then what?
After your initial appointment and filing you’ll gather paperwork needed to file. This will include documentation of your income and debts. We’ll help you figure out what you need and then help you organize it for your bankruptcy case. When your case is ready we’ll file that paperwork and prepare you for a Meeting of the Creditors. This is a meeting where you and Kevin Rank will meet with the bankruptcy trustee. Most hearings finish in approximately 10-15 minutes and should not be a difficult experience. Creditors rarely attend the ‘Meeting of the Creditors’ hearing. Instead, you meet with the bankruptcy Trustee. The Trustee confirms your identity and makes certain we filed the schedules and petitions truthfully and accurately.
After we help you file, we wait for an official discharge from the Bankruptcy Court. Discharge means that your creditors no longer have power over you! Chapter 7 bankruptcy means that your debts no longer exist and cannot be collected by any of your creditors. When we receive your discharge notice we get to celebrate your fresh start together.
The entire Chapter 7 bankruptcy filing process usually takes approximately four months. But relief is immediate when you have expert advice and a team to walk beside you. We’ll stop repossessions, garnishments and harassing phone calls as soon as you file with us. Don’t wait to schedule your free bankruptcy consultation.
What kinds of debt are eligible or exempted from Chapter 7 bankruptcy filings?
Chapter 7 bankruptcy can eliminate many kinds of debt to help you get your clean slate. These include credit card debt, consumer debt (like car and personal loans), hospital bills and small business debt. There are some kinds of debt not eligible to be discharged by Chapter 7 bankruptcy, including alimony and support, fraud debt, some taxes, and most student loans. Not sure that filing Chapter 7 bankruptcy is right for you, or if your debts are eligible? We can help. Kevin Rank has experience counseling individuals and businesses in financial matters, and we provide a free bankruptcy consultation to see if filing can help you.