If you have reached the point where you do not think you will be able to pay off your credit card debt, mortgage or medical bills, it is time to explore your options. Chapter 7 bankruptcy and debt consolidation may be right for you. It is time to take action and get the debt relief you deserve.

Put an End to Your Financial Concerns

Are you tired of struggling with your mounting debt? Are you looking for a fresh start? By filing for Chapter 7 bankruptcy, you can quit looking over your shoulder, worrying about potential lawsuits. You can stop foreclosure and creditor harassment and get the financial relief you have been looking for. This is what you can expect from Chapter 7 bankruptcy:

  • It will end liability for all discharged debt.
  • You may not have to surrender your house and car. Many people do not think they can keep their home or car after Chapter 7 bankruptcy, but you may have more options than you realize.
  • Depending on your situation with the IRS, you may be able to wipe out some tax debt if it is more than three years old.

Chapter 7 of the Bankruptcy Code governs liquidation bankruptcy, available to both individuals and businesses. Upon the filing of a Chapter 7 petition, the bankruptcy court issues an “automatic stay” that stops most collection proceedings against the debtor, including but not limited to foreclosure proceedings. A bankruptcy trustee is appointed to your case and is responsible for reviewing the information we file in your bankruptcy papers. In these cases, some creditors’ debts remain unsatisfied and ultimately discharged in most instances, except for those debts that are non-dischargeable, such as alimony and child support.

New Chapter 7 Bankruptcy Laws

Due to a recent change in federal law, many people believe it is harder to file for Chapter 7 bankruptcy. While under the new laws you must meet the requirements of an income test, most people who could file for Chapter 7 bankruptcy under the old law can still file under the new law.

The Process of Filing a Chapter 7 Bankruptcy

The Chapter 7 bankruptcy is commenced by filing a petition, schedules, and statement of financial affairs. You will also need to attend one meeting at the Bankruptcy Court, called a 341 Meeting of Creditors. This proceeding is relatively straightforward and usually lasts 5-15 minutes. We will be there to represent you during the proceeding. You will have 2-4 weeks advance notice of the hearing in order to make the necessary arrangements to attend. Typically, there is nothing left for you to do after attending the 341 Meeting of Creditors.

If done correctly, you can complete the process and receive your discharge in as little as four to six months from the time of filing. The discharge is a Court Order stating you are no longer legally obligated to pay certain debts. When considering bankruptcy, we will make sure you understand all your options. You may be better off exploring a Chapter 13 bankruptcy. We will make sure you make the choice that is right for you.

TO SCHEDULE A FREE CONSULTATION, PLEASE CALL THE LAW OFFICES OF ALBAREDA & ASSOCIATES, P.A. TODAY!