Chapter 7 provides debtors who are unable to pay their bills the fresh start they are looking for by eliminating their debts. It can also be used by businesses that wish to liquidate and cease operations. Although changes to the Bankruptcy Code have made the process more complicated, most debtors can still eliminate debts and get a fresh start through Chapter 7 Bankruptcy. In many cases, you can keep your personal property, including your car and home. Contact us at Tadross Law to set up a FREE CONSULTATION to discuss your options in this regard.
To determine if Chapter 7 is right for your situation, we will provide a thorough review your financials. If Chapter 7 is appropriate, we will prepare and file your Bankruptcy petition, schedules, and associated documents. In most cases you do not have to go to court. However, you will have to attend a short hearing held by the Chapter 7 Bankruptcy Trustee for a meeting of creditors. At this hearing, the Trustee will review your petition and schedules, and will likely ask you some questions about your financial condition. Shortly thereafter, if there are no objections, you will receive a discharge of your debts signed by the judge. A typical Chapter 7 matter will take approximately 3-6 months to complete.
Chapter 7 will typically eliminate the following kinds of debts:
Most items of personal property are exempt from repossession, meaning you may be allowed to keep them. In over 90 percent of consumer bankruptcy cases, debtors keep all of their personal property. Exempt property can include: