Chapter 7 Bankruptcy

An affordable Chapter 7 bankruptcy attorney is only a phone call away for immediate debt relief! If you cannot pay your bills, Chapter 7 bankruptcy may be for you. The goal of a Chapter 7 bankruptcy is to get a discharge, which means that your creditors cannot ever come after you and make you pay your bills. There are some specific type debts that are not dischargeable; however, most debts are discharged.

A secured debt is a bill from the purchase of a specific item, i.e. home mortgage, car loans, computer purchase. You get to keep this property as long as you agree to continue to pay for it. You can give the property back to the creditor and walk away, owing them nothing.

An unsecured debt is a general bill, i.e. credit cards, utilities, medical bills. Unsecured debt is fully discharged. The non-exempt property becomes the property of the bankruptcy estate.

• Debtor surrenders his non-exempt property to the bankruptcy trustee.
• The personal property exemption is presently $10,000.00 for an individual; this means that as long as your possessions are valued less than $10,000.00, you keep everything.
• Trustee sells the non-exempt property, if any, and divides the money received among the creditors.

Priority debts are unsecured debts that must be paid and are not discharged. Priority debts include the following:

• Taxes
• Child support
• Fines & Restitution
• DUI related accidents
• Student Loans

To file a Chapter 7 bankruptcy, you must “qualify.” To be “qualified” to file a Chapter 7 bankruptcy, you must:

• Complete a debtor education seminar
• Pass the “means test”–make under a certain amount of money

If you do not qualify for Chapter 7 bankruptcy, you can file Chapter 13 bankruptcy.

A discharge is a court order stating that you no longer owe the debts you listed. A discharge is the goal of all Chapter 7 bankruptcy cases. There are, however, some actions you must avoid or you could lose your right to a discharge:

• hiding assets
• failing to list all assets
• failing to list debts
• transferring assets

This information is general information and not intended as legal advice. Bankruptcy law is complicated, and you need a competent bankruptcy attorney to handle your case.  Call us now for your free initial consultation. We will give you everything you need at the initial consultation to get the ball rolling and to get your creditors off your back.

 We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.