attorney firm who will file chapter 7 on your side

Do I need an attorney to file Chapter 7 bankruptcy?

On Your Side. A Bankruptcy Lawyer Who Represents You. Chapter 7 bankruptcy is sometimes called the “straight” bankruptcy. It cancels most of your debts, but in exchange, you may have to surrender property. Being forced to sell your assets is not always the case, however.

Does my Chapter 7 bankruptcy protect others?

Having an experienced chapter 7 bankruptcy lawyer on your side can help you get back on your feet. Call for a free consultation today. 901.725.1000 2287 Union Avenue, Memphis, TN 38104

What happens to my debt after filing Chapter 7 bankruptcy?

Schedule a Free Consultation with a Chapter 7 Bankruptcy Attorney. To schedule a complimentary bankruptcy consultation at Leinart Law Firm, call us in Dallas at 469-232-3328 or in Fort Worth at 817-426-3328. You can also use our convenient chat feature, fill out the contact form on our website or contact us via email.

Does Chapter 7 bankruptcy protect a co-signer on a loan?

Dixon & Johnston Law Office is the Chapter 7 law firm you can trust in Belleville, Illinois. Chapter 7 bankruptcy law can often help you keep all of your property thanks to exemptions allowed under state law. If you own more property than you can protect with a Chapter 7 bankruptcy, you can usually file a Chapter 13 to protect your excess assets.

What debts are forgiven under Chapter 7?

What Debts Are Discharged in Chapter 7 Bankruptcy? A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.Dec 2, 2019

What is the negative to filing for bankruptcies?

Filing for bankruptcy can negatively impact your immediate financial future. Obtaining credit after filing for bankruptcy could mean increased interest rates. Obtaining credit after filing for bankruptcy might require security deposits.

Can rich people file Chapter 7?

Bankruptcy is an option for the wealthy because they have the money to pay for filing and to work with experts who are able to help them create better financial arrangements.

What are the consequences of bankruptcies?

The consequences of a Chapter 7 bankruptcy are significant: you will likely lose property, and the negative bankruptcy information will remain on your credit report for ten years after the filing date. Should you get into debt again, you won't be able to file again for bankruptcy under this chapter for eight years.

What is the means test for Chapter 7?

The bankruptcy means test determines who can file for debt erasure through Chapter 7 bankruptcy. It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts.

How do you pass Chapter 7 means test?

How to pass the Chapter 7 Means Test?Step 1: Outline your expenses.Step 2: Subtract the average of taxes, social security, and living expenses.Step 3: Calculate disposable income limits.

What is the income limit for filing Chapter 7 in California?

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

Why do you file Chapter 7?

In fact, one legitimate reason to file a Chapter 7 case is to discharge (get rid of) unsecured debts in order to be able to afford your vehicle or home payments. However, if you want to keep making payments on a secured debt, you may need to sign a reaffirmation agreement.

What is required to file Chapter 7?

To be eligible for Chapter 7, the debtor must be a person, corporation, partnership, or other business entity. It does not matter how solvent the filer’s debts are. The filer must also complete a credit counseling course with an approved agency (generally online or over the phone).

What can a bankruptcy attorney do for you?

A Chapter 7 bankruptcy attorney can help find the best outcome for financial problems that come up unexpectedly. Divorce, unemployment, sudden medical expenses – all of these can quickly drain your cash reserves and leave you penniless. Keep reading below to see how filing Chapter 7 bankruptcy can eliminate your debt and give you a fresh start.

How much does it cost to file for bankruptcy?

Upon filing your bankruptcy petition, you will have to pay a bankruptcy case filing fee of $335. When a petition is filed, an automatic stay goes into effect stopping most, if not all, collection activity. The benefits of the stay, however, are subject to the bankruptcy code and in certain cases do not apply or are temporary. Not long after the petition is filed, the court’s bankruptcy trustee will hold a meeting for the creditors to make sure there are no objections (this is a rare occurrence). Once the petition is approved, it is just a matter of months until all eligible debts are completely discharged (wiped out).

How long does it take to file for Chapter 7?

How to Qualify for Chapter 7 Bankruptcy. Chapter 7 bankruptcy is a rather quick process that may take a few months. Not everyone has the qualifications for Chapter 7 bankruptcy, but most people who are experiencing financial challenges will meet the requirements to file. Chapter 7 works best for people who:

Can you surrender collateral in Chapter 7?

Chapter 7 gives you the option of surrendering the collateral (property) if you do not need or want it any longer, or just can’t afford to make the payments. Surrendering collateral usually doesn’t make sense outside bankruptcy, at least not with “recourse” debts secured by a vehicle or other personal property. That’s because after you surrender the collateral, the creditor will sell it at an auction, usually for less than the balance. Then after adding the auction costs and other fees to the balance, the creditor will come after you for this “deficiency balance.” But in a Chapter 7 case, that balance is discharged, making surrender a much more sensible option.

What is the purpose of Chapter 7?

There are sometimes exceptions concerning eligibility as determined by the court. The main goal of Chapter 7 is to provide the debtor with a “fresh start.”. Once the debts have been discharged through the protection plan, the debtor is no longer responsible for those debts.

What Is Chapter 7 Bankruptcy?

Bankruptcy is a legal process for individuals or other entities who cannot repay their debts to creditors. Bankruptcy is a form of debt relief imposed by a court order. A Chapter 7 bankruptcy involves the liquidation and collection of non-exempt assets. The proceeds of those assets are distributed to your unsecured creditors.

Qualifying for Chapter 7 Bankruptcy

Our bankruptcy Chapter 7 lawyers can help you determine if you qualify for Chapter 7 bankruptcy. That means passing the means test. The means test is determined by comparing your income to the median income for a family of the same size in your geographic area. If you do not pass the initial means test, there is a more extensive test.

What Happens During Chapter 7 Bankruptcy?

If you opt to file for Chapter 7 bankruptcy, a Trustee will be appointed to your case. An automatic stay will stop wage garnishments, car repossessions, foreclosures, telephone calls from creditors, and civil actions by those creditors. If you cooperate fully with your Trustee, you should receive a discharge of your eligible debts.

What Debts Will Not Be Discharged in My Chapter 7 Bankruptcy?

Not all debts are discharged with the assistance of a bankruptcy lawyer for Chapter 7. The following debts are usually not discharged with a Chapter 7:

Who Can File for Chapter 7 Bankruptcy?

Not everyone qualifies to file a Chapter 7 bankruptcy. Your income and expenses will be evaluated. The best course of action is to schedule your free initial consultation with Dixon & Johnston Law Office. We can review your case and recommend whether Chapter 7 or Chapter 13 bankruptcy would make the most sense for you.

Schedule Your Free Initial Consultation

When filing for Chapter 7 bankruptcy, you need a knowledgeable legal firm on your side. Don’t let the bankruptcy process confuse or scare you. The lawyers at Dixon & Johnston Law Office are here to explain all your options and find the right solution for you.