Chapter 7 Bankruptcy

In most instances Chapter 7 debtors can file for Chapter 7 without losing any assets because State or Federal Exemptions will protect their assets. So you won’t have to start over. Prior to cashing out retirements or draining your savings call Attorney Angell to get advice geared to your particular situation.

If you are stressed out, harassed by creditors, and keep asking yourself and your spouse “What is Chapter 7 bankruptcy?” Call Attorney Angell, she can help. A Chapter 7 Bankruptcy may be right for your family and the smart choice to move on with your life.

Gaining a better understanding of Chapter 7 bankruptcy will help you determine whether it is suitable for your circumstances. When financial distress is taking over your life, you do not need to suffer. You have legal options, and a lawyer at our firm can help you find a solution that best suits your needs. Stop asking yourself, What is Chapter 7 Bankruptcy or Is Chapter 7 Bankruptcy right for me, Attorney Angell may be able to tell you fairly quickly if it is reasonable for you to consider bankruptcy or not. Not everyone with debt needs to file. Attorney Angell will tell you right away if you don’t need to go through the time, hassle, and the personal expense if it is not necessary for your situation.

Bankruptcy has many benefits. Our clients often comment that as soon as they file their petitions, they feel a weight lifted off their shoulders. As soon as you file Chapter 7, an automatic stay is ordered by the bankruptcy court, which means:

• Creditors are no longer allowed to contact you
• Wage garnishments are halted
• Repossessions are stopped
• Court actions filed by creditors are halted
• Foreclosures are halted

A business or an individual can declare bankruptcy. Since most debts are relieved after bankruptcy discharge is ordered, this court action will provide a chance to start over from a financial point of view. Before you cash-out a retirement account, take out a home equity line of credit, or reverse mortgage, please look into your options under the bankruptcy code. You may be turning an exempt asset into non-dischargeable debt.

You may have entered a debt management plan in an attempt to payback your creditors and realized you will not be able to keep up with the payments. Remember you are not alone – over 1 million people file for Chapter 7 bankruptcy each year.

My clients are able to experience life after chapter 7 where they are not burdened with excessive debt.

Will I lose my house or car?

You will be asked to disclose all of your assets as well as their fair market value. State and federal law provide exemptions that will allow you to keep most of your assets up to a specific value. The Trustee appointed to your case may have the right to take possession of and sell the remaining property that is not exempt or otherwise pledged and use the sale proceeds to pay your creditors.

Can my creditors object to my bankruptcy?

Yes, you will be asked to disclose all of your creditors at the time of your bankruptcy. Once you file the bankruptcy the Court will provide notice to all of those creditors, who then will have time to object to you discharging those debts. If a creditor can prove that you obtained credit through fraud, breach of fiduciary duty, or theft the bankruptcy Court may rule that the particular debt is non-dischargeable.

Can I discharge my student loan debt?

Generally no. This is a hot topic right now and the laws may be changing. But currently there are very few ways to discharge your student loan debt. Attorney Angell will go over your situation and discuss your options.

Are there other debts that may not be dischargeable?

Yes, you may be responsible for taxes, domestic support and child support obligations, fines, penalties and criminal restitution obligations. We will review these obligations with you and help determine their dischargability under the current law.

Will bankruptcy stop the garnishment?

Yes, once your bankruptcy case is filed all garnishments must stop. You may also be entitled to demand the return of funds that have been garnished.