Chapter 7 bankruptcy is your Fresh Start! Chapter 7 bankruptcy is a great tool to wipe out any debt you owe to creditors. Contact us now or receive a Free Evaluation to help get your new financial future underway.
Are you eligible for Chapter 7?
If you are an individual, partnership, corporation, or business entity, than YES you are eligible for filing chapter 7 bankruptcy.
Chapter 7 is also available to people with secured debt – someone with a mortgage or a car note may have the option of keeping the collateral and keeping the debt. The person filing bankruptcy under Chapter 7 may also choose to surrender the collateral and seek a discharge of the debt.
How does Chapter 7 Bankruptcy work?
- Under Chapter 7, a person asks the bankruptcy court to wipe out (or discharge) ALL debts owed. This process is started by filling out a petition that you will need help with from your Top Tier lawyer.
- The court will judge whether the filer (person filing bankruptcy) has committed any inappropriate behavior (such as concealing financial records).
- If possible, a debt repayment plan is developed, along with credit counseling. These are very helpful tools for your Fresh Start.
- You then meet with a “case trustee” (an impartial person judging your bankruptcy case).
- After the case trustee accepts your bankruptcy petition, your debts are discharged and/or your repayment plan is executed.
- You are back on your road to financial success! Contact us now to begin.
Typically, a Chapter 7 bankruptcy case is very quick! It takes about 90 days from start to finish. Within 30 to 40 days of filing the petition, a hearing is held before a United States Trustee. A “Notice of Discharge” is usually sent to the filer 60 days after the hearing. Creditors are also given notice of the hearing and allowed to attend.