Areas of Practice

Debtor Bankruptcy | Chapter 7

If you are having difficulty making ends meet each month because you are overwhelmed by credit card debts, medical bills, car payments or personal loans, Bankruptcy can help you get a Fresh Start on your finances.

Chapter 7 Bankruptcy is an opportunity for an individual or couple to emerge out of a financial crisis and start afresh. Chapter 7 Bankruptcy is often termed a “total liquidation,” meaning your debts are eliminated in full, but you are subject to the possibility of property loss. However in most cases, debtors walk away from their Bankruptcy without losing any property while also eliminating their debt in full. This is because most assets that debtors have are considered necessities and deemed “exempt” from turnover. Exempt assets include equity in your home, your vehicle, household furnishings, clothing, bank accounts and pensions and retirement accounts.

With Chapter 7 Bankruptcy, the debtor receives a discharge on all dischargeable debts. Most debts are dischargeable in Chapter 7 Bankruptcy. However debts such as child support, most taxes and student loans that are not dischargeable in bankruptcy.

An added advantage with Chapter 7 bankruptcy is that by signing a reaffirmation agreement a debtor can continue to pay for a car loan or a mortgage on their home and therefore keep their vehicle and home.

The process for filing a Chapter 7 Bankruptcy begins with a debtor listing on a Petition all of his or her debts and assets. That Petition is then filed with Court. Once the petition is filed, your creditors must cease collection of your debts and are prohibited from contacting you in any way. This means they cannot freeze your bank accounts, garnish your wages, send threatening letters, call you or take any action against you. If your creditors continue any activity against you past the filing date, they can be held in contempt of Court and could be subject to Civil Penalties.

The entire process for filing a Chapter 7 Bankruptcy generally lasts between Four and Six months and generally requires only one Court appearance, which is before a Court appointed Trustee, not a Judge.

Call our Office today for a FREE consultation. You deserve a Fresh Start. Let us help you reach that goal.

For More Information: please call us at (585) 325-7515 or Submit a Confidential Form Request