Bankruptcy
Is Bankruptcy right for me?
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a court process designed to remove credit card debt, medical debt, and other types of unsecured debts for people who no longer have the ability to repay them.
Chapter 7 bankruptcy is also known as “straight bankruptcy”. It is a quick and simple process, legally referred to as a “liquidation” because a bankruptcy trustee liquidates (sells) a filer’s non-exempt assets to cover part of the outstanding bills they owe.
However it is best not to panic as most Chapter 7 bankruptcy filers get to keep all of their property because most filers don’t have any non-exempt assets, and therefore there is no actual liquidation.
If you’re thinking of filing Chapter 7 , talk to a Chapter 7 lawyer today regarding your options. Arrange a free, no-obligation initial consultation to learn about your options.
The Chapter 7 Process
How Long Does a Chapter 7 Case Take?
Most Chapter 7 bankruptcy cases move quickly. It’s possible you could receive your discharge within three to four months.
A Chapter 7 discharge refers to the successful removal of unsecured debts like credit card debt and other personal debts.
Some debts are classified as “non-dischargeable” debts, which means they can’t be discharged or can only be discharged under special circumstances. Those kind of debts may include child support, student loans and many tax debts.
Steps to Filing Chapter 7 Bankruptcy
Step 1: Qualifying to File Chapter 7
Step 2: Mandatory Credit Counseling Briefing
Step 3: Filing Chapter 7
Step 4: Mandatory Debtor Education Course
Step 5: Chapter 7 Debt Discharge
How Much Does it Cost to File Chapter 7 Bankruptcy?
If you’re interested in filing for Chapter 7 bankruptcy, you’re probably wondering about how much the process will cost.
As of November 2011, the Chapter 7 filing fee is $306.
This price is subject to change and any changes will be on the U.S. Bankruptcy Court’s official Web site. Remember this is the court filing fee and does not include any Chapter 7 lawyer fees.
Chapter 7 bankruptcy can help you regain control of your debt so you can get on with your life.
Is Filing Chapter 7 Bankruptcy Right for Me?
Not sure whether you should file bankruptcy? Fill out our contact form for a Free no obligation intitial consultation or call 229-896-4513 to speak with an attorney for free.
A lawyer can explain your right to protection under the bankruptcy law.
A lawyer can further discuss why Chapter 7 bankruptcy may be the right option for those who:
- have no income or low income
- have little or no money left after paying necessary living expenses each month
- have few assets (or no assets) outside furniture, clothing and other necessities
- rent or have little equity in their home
Talk to a Chapter 7 bankruptcy lawyer today to discuss the benefits of filing bankruptcy in more detail.
Chapter 13 Bankruptcy
Under Federal Bankruptcy Code for Chapter 13 any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual’s unsecured debts are less than $360,475 and secured debts are less than $1,081,400. These amounts are adjusted periodically to reflect changes in the consumer price index. A corporation or partnership may not be a chapter 13 debtor.
An individual cannot file under chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. In addition, no individual may be a debtor under chapter 13 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.
For help with Chapter 13 Bankruptcy call now at 229-896-4513 or fill out our Contact Form and we will respond promptly.