Chapter 7 is the most common type of bankruptcy filed and it offers several advantages over the 3 to 5 year payment plans of Chapter 13.
- Cases are completed in about 100 days.
- The protection is immediate. The day Chapter 7 is filed all garnishments, collection calls, lawsuits, and other collection activity is stopped.
- Success Rate: Over 99% of Chapter 7 cases our firm handles results in a discharge of the debts. Wow, that is an amazing statistic! There simply is no other debt solution that even comes close to that.
- Cost: Chapter 7 is the cheapest debt solution, period.
- You can rebuild credit immediately after the case is over.
Can I keep my home and car if I file Chapter 7?
Yes, in most cases our clients keep their homes and vehicles. There is a limit as to how much property can be protected in bankruptcy, so the first duty of our office is to complete an inventory of your property and to identify those assets which may be at risk. This is where our firm’s experience matters. Bankruptcy laws are complicated, and you need to hire an attorney that has handled thousands of cases just like yours. Too many people do lose their homes, cars, tax refunds, bank deposits and other assets because they hired the wrong attorney.
Do I have to go to court?
Yes, there is a court hearing that takes place about 30 days after a case is filed. About 6 to 10 cases are scheduled for the same half-hour time slot, so these hearings tend to last about 3 to 5 minutes in most cases.
What happens if I have too much property?
In every Chapter 7 case a Trustee is appointed to review the paperwork and to liquidate the non-exempt property. Every state has laws that protect your basic property, and we refer to these laws as Exemptions. The Chapter 7 Trustee has the duty of liquidating the property that is not exempt. Now, just because an asset is not protected, that does not automatically mean the asset will be lost. It is not uncommon for some debtors to have a few thousand dollars of unprotected equity in a vehicle, and part of our firm’s services is to negotiate with the trustees to keep the asset by paying off the non-exempt equity and to know when to steer clear of chapter 7 in cases where too much equity is at risk.
How much does it cost to have my case reviewed?
Our firm’s policy is to provide a free initial consultation in person or over the phone. Bankruptcy is not always the right decision, and you need an attorney honest enough to review all your options. We are here to help you, not judge you.