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Category Archives: Chapter 7 Bankruptcy

Chapter 7 Facts

Chapter 7 bankruptcy helps people get out of debt while keeping most or all of their personal belongings and other assets. It is generally the quickest and simplest chapter, and is typically completed in four to six months. Unlike a Chapter 13, a chapter 7 bankruptcy does not require a repayment plan.

With the help of an experienced bankruptcy attorney filing for Chapter 7 bankruptcy relief can be a smooth process. As you explore solutions to your debt problem, it is important to understand the facts about Chapter 7 and Chapter 13 bankruptcy.

Chapter 7 Facts

  • Chapter 7 is known as the “liquidation” chapter because the bankruptcy trustee can sell nonexempt assets and use the proceeds to pay back a pro-rata share to qualifying creditors.
    • However, that rarely happens.
    • The majority of Chapter 7 bankruptcies are “no asset” cases where the debtor (the person who files for bankruptcy protection) has no assets that are not protected by bankruptcy law.
  • While you are in bankruptcy the law forbids creditors from continuing collection efforts.
    • As soon as you file for bankruptcy protection all collection actions against you must stop, including collection calls, lawsuits, wage garnishments, bank levies, and even foreclosure and repossession.
    • In general, if a creditor wants to move forward with a foreclosure or repossession during bankruptcy it must petition the court for permission.
  • Eligibility for Chapter 7 bankruptcy includes income requirements:
    • An individual or married couple automatically qualifies for Chapter 7 bankruptcy if their current monthly income (based on the six months before filing) falls below the state median, adjusted for household size.
    • If the debtor’s current monthly income is greater than the state median, adjusted for household size, then they must run the bankruptcy means test to determine whether they qualify for Chapter 7 bankruptcy.
      • The means test is a review of your income minus allowable expenses.
      • Many people who file for Chapter 7 bankruptcy earn above the median income.
      • An experienced bankruptcy attorney can help you navigate through the means test.
    • Eligibility for Chapter 7 bankruptcy does not include a debt limit or ceiling.
    • Chapter 7 bankruptcy erases dischargeable debts.
      • Dischargeable debts are debts that can be erased in bankruptcy; nondischargeable debts are debts that cannot be erased in bankruptcy.
      • The most common dischargeable debts include: credit cards, medical bills, personal loans, utility bills, certain older tax debts, and other types of credit or loans that were given without a collateral requirement.

 

Filing for Chapter 7 bankruptcy can give you a fresh financial start. It can be your chance to get your financial life in order. Once you are out from under the burdensome weight of debt, you are empowered to make wise financial decisions for your future.

We Will Help You Through Your Chapter 13 From Start to Finish

It is our mission to ensure that you understand the power and benefits of Chapter 7 bankruptcy. Filing for bankruptcy is a serious financial decision. If you are feeling apprehension about the process, we understand. Know that if you hire us to file your bankruptcy case, we will be by your side from start to finish. We will prepare your bankruptcy petition, file it with the court, and assist you until the end of your case.

Contact us to explore how bankruptcy can help you! We offer free consultations to anyone in or around Savannah, GA looking to explore how to get out of debt.

Reach out to us by email at info@BrazielLaw.com or call (912) 351-9000.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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“No Asset” Chapter 7 Bankruptcy

Chapter 7 bankruptcy erases all or most of your debts, without a repayment plan, and in general allows you to keep most or all of your assets and other belongings.

When you file for bankruptcy it creates a “bankruptcy estate,” which is your interest in your property and assets at the time you file. The Bankruptcy Trustee assigned to administer your case is given control of the bankruptcy estate. Though, this is not as frightening as it may sound.

While the Bankruptcy Trustee has the power to seize and sell assets, then use the proceeds to pay a pro-rata share to certain of your creditors, so long as all of your assets, property, and other belongings are listed, properly valued, and exempt in the bankruptcy petition, there is no risk of losing assets.

“No Asset” Chapter 7 Bankruptcy

A “no asset” Chapter 7 bankruptcy means that the debtor does not have asserts that can legally be seized, so the Trustee has nothing he or she can seize and sell. It does not mean that the debtor has no assets, it means that debtor gets to keep all of their assets through the bankruptcy process.

When you file for bankruptcy you must list all of your assets, property, and belongings and then assign a fair market value to the item. The U.S. Bankruptcy Code, as well as the state of Georgia, carves out exemptions that allow you to protect property and assets valued up to a certain dollar amount. Exemptions are available for your home, car, personal belongings, retirement accounts, and other assets. If an asset is “exempt,” it cannot be taken by your creditors or by the Bankruptcy Trustee to pay back your creditors.

When all of your property and assets are fully exempt, then you have a “no asset” Chapter 7 case. The vast majority of Chapter 7 cases are “no-asset” cases.

Will I Know if I Have a “No Asset” Chapter 7?

Yes, prior to filing you will know if you have a “no asset” case, or if you have assets that may be subject to seizure and sale by the Bankruptcy Trusty. Again, as long as you disclose all of your assets prior to filing and properly value them, you will know if you have any assets at risk of being liquidated.

When you work with our firm we will help you list your assets and assign the appropriate fair market value to each item.

Free Consultation with a Bankruptcy Attorney

Here at the Law Office of Barbara B. Braziel we help people get out of debt. We are the premier bankruptcy law firm in Savanna, GA and we practice exclusively in bankruptcy law. Our experienced attorneys are committed to ensuring you understand the protections and benefits of bankruptcy and how filing with affect you and your family. We take the time to explain the bankruptcy process to our clients. We invite you to get to know us here and read about the clients we’ve helped here.

Call us today at (912) 351-9000 or contact us to schedule a free consultation.

 

We proudly serve the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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What Are The Protections and Benefits of Bankruptcy?

For many of our clients bankruptcy at first feels like a scary thing, but once they understand the protections and benefits of bankruptcy they feel much more comfortable with their decision to file. Bankruptcy is a financial decision and a powerful legal tool.

The Benefits of Bankruptcy

Bankruptcy offers a number of benefits. The main benefit is relief from debt. Bankruptcy has the power to eliminate debts, including credit cards, medical bills, certain older tax debts, personal loans, and other types of credit or loans that were given without a collateral requirement. After a successful filing you are no longer legally obligated to pay back your dischargeable debts.

Also, bankruptcy allows you to erase debts while retaining most or all of your assets and personal belongings. For example, ERISA qualified retirement accounts are fully protected in bankruptcy. Also, depending on your specific situation you will most likely be able to keep your car and your home. Generally speaking, it is more likely that you can keep your car or home if your payments are current and you do not have significant equity.

The Protections of Bankruptcy

The United States Bankruptcy Code affords people who need to file many protections, including:

  • The Automatic Stay: a provision in the U.S. Bankruptcy Code that makes it illegal for creditors to attempt to collect on debts from a person who has filed for bankruptcy protection. The Stay becomes effective immediately, as soon as the bankruptcy case is filed.
    • Stops collection phone calls.
    • Stops wage garnishments, bank levies, and lawsuits for unpaid debts.
    • Stops, at least temporarily, foreclosure, repossession, and eviction.
  • Protection of property: Bankruptcy law protects exempt property from being seized and sold by creditors. As noted above, the majority of people who file get to keep most or all of their assets and belongings.
  • Catch up on mortgage arrears or missed car payments: Chapter 13 bankruptcy creates an opportunity for debtors to catch up on missed mortgage or car payments. Through the Chapter 13 repayment plan, which lasts three to five years, missed payments can be made up. This option enables people to retain their home or car that would otherwise be lost.

 

The full scope of the legal protections bankruptcy offers is vast. We invite you to come in for a free consultation to learn more about the protections and benefits of bankruptcy.

We Can Help You Get Out of Debt

Here at the Law Office of Barbara B. Braziel we help people get out of debt. We are the premier bankruptcy law firm in Savanna, GA and we practice exclusively in bankruptcy law. Our experienced attorneys are committed to ensuring you understand the protections and benefits of bankruptcy and how filing with affect you and your family. We invite you to get to know us here and read about the clients we’ve helped here.

Call us today at (912) 351-9000 or contact us to schedule a free consultation.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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What Type of Bankruptcy Should I Consider?

If you are exploring if filing for bankruptcy protection is right for you, you may be wondering what type of bankruptcy is right for you. The United States Bankruptcy Code creates “chapters” of bankruptcy:

  • Chapter 7: Liquidation Under the Bankruptcy Code
  • Chapter 9: Municipality Bankruptcy
  • Chapter 11: Reorganization Under the Bankruptcy Code
  • Chapter 12: Family Farmer Bankruptcy or Family Fisherman Bankruptcy
  • Chapter 13: Individual Debt Adjustment
  • Chapter 15: Ancillary and Other Cross-Border Cases

 

As an individual or married couple, you are most likely to file Chapter 7 or Chapter 13 bankruptcy. While both chapters offer many of the same benefits, there are significant differences between what these two chapters offer and how they operate.

Bankruptcy is a complex area of law. When you hire our firm to represent you, we will strive to make the process as smooth as possible.

Considering Chapter 7 or Chapter 13 Bankruptcy

Chapter 7 bankruptcy erases all or most of your debts, without a repayment plan, and in general allows you to keep most or all of your personal belongings. Chapter 13 bankruptcy is a reorganization of debts, creates a three to five year repayment plan, and also allows you to keep most or all of your personal belongings.

Filing for Chapter 7 bankruptcy is generally the quickest and simplest form of bankruptcy. In general it takes only four to six months to complete. Though, there are benefits that Chapter 13 offers that Chapter 7 does not. These benefits include an opportunity to make up missed mortgage payments, make up missed car payments, and to “lien strip” an underwater second mortgage.

Both Chapter 7 and 13 are powerful tools to get you out of debt. Both chapters also have the power to stop collection action against you, including harassing phone calls, wage garnishments, bank levies, and lawsuits for unpaid debts.

Learn More About How Bankruptcy Can Help You

When we meet for a free consultation we will go over the pros and cons of the various chapters and help you determine which chapter is best for you. Our goal is to ensure you understand the different chapters of bankruptcy and how filing will affect you and your family.

At the Law Offices of Barbara B. Braziel we file hundreds of Chapter 7 and 13 bankruptcy cases every year. But our clients are never just a number. You will not be left in the hands of a paralegal. You will have access to your attorney throughout your bankruptcy case.

We are here to give you the fresh start you deserve. Call us today at (912) 351-9000 or contact us via the web to schedule a free consultation.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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Savannah Bankruptcy Attorney

If you are exploring how bankruptcy can help you get out of debt, we invite you to meet with us for a free consultationcontact us on the web or call (912) 351-9000 today!

We are the premiere bankruptcy law firm in Savannah, Georgia. The Law Office of Barbara B. Braziel proudly serves the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

Relief from Your Financial Burdens

Bankruptcy is a powerful tool that can erase your debts. While choosing to file may be a difficult decision, it may be the best decision for your financial future.

We have been practicing bankruptcy law for over 35 years and often we have met clients who delayed filing until their situation became far worse than it needed to be. In many cases people spent thousands of dollars trying to avoid a bankruptcy that they ultimately needed to file anyway.

Sadly, many of our clients lost assets that they would have been able to keep if they had filed for bankruptcy sooner. Many borrowed against retirement in an attempt to manage their debt and stave off collection. In general retirement accounts are fully protected in bankruptcy. Others took out Home Equity Lines of Credit (HELOC) to pay off some creditors and ultimately risked losing their house to foreclosure.

Powerful and Positive Impacts of Bankruptcy

Our firm has helped thousands of families keep their cars, their homes, and other belongings. Erasing debt, halting all collection action, and protecting your belongings from creditors are just a few of the powerful and positive impacts bankruptcy offers. Bankruptcy can also erase certain older tax debts, give you the opportunity to catch up on missed mortgage or car payments, and can even lien strip away an underwater second mortgage.

Savannah Bankruptcy Attorney

All of us here at the Law Offices of Barbara B. Braziel are committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation.

Please reach out to us at (912) 351-9000 or contact us by filling out this simple web form. Follow us on Facebook for tips on getting out of debt!

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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How Chapter 7 Differs from Chapter 13

Chapters 7 and 13 bankruptcy are designed for individuals and families. Both chapters offer many of the same benefits. However, there are significant differences between what these two chapters offer and how they operate.

The “chapters” come from the United States Bankruptcy Code, and the numbers represent the code sections.

Overview of How Chapter 7 Differs from Chapter 13

  • Chapter 7 bankruptcy erases all or most of your debts:
    • Without a repayment plan.
    • In general allows you to keep most or all of your personal belongings.
    • Is the quickest and simplest form of bankruptcy, typically taking four to six months to complete.
  • Chapter 13 bankruptcy is a reorganization of debts:
    • Creates a three to five year repayment plan.
    • Allows you to pay back all, none, or a portion of your debts.
    • In general allows you to keep most or all of your personal belongings.
    • Is more complex than Chapter 7, but offers additional benefits.

There are benefits and drawbacks to both Chapter 7 and 13 bankruptcies. When we meet for a free consultation we will go over the pros and cons of the various chapters and help you determine which chapter is best for you. Our goal is to ensure you understand the different chapters of bankruptcy and how filing will affect you and your family.

Both Chapters Offer Many of the Same Benefits

Chapter 7 and Chapter 13 are powerful legal tools to help you regain control of your financial wellbeing. Both chapters offer the following benefits:

  • Eliminates credit card debt, medical debt, and most unsecured debts.
  • Stops harassing phone calls from creditors.
  • Stops wage garnishments.
  • Stops lawsuits filed by creditors.

Benefits of Chapter 13 Not Offered In Chapter 7

Filing for Chapter 13 commits a debtor to a monthly plan payment for three to five years. Though, for some debtors filing for Chapter 13 is the best solution to their debt problems.

Chapter 13 bankruptcy can help you:

  • Save your house by creating an opportunity for you to pay back missed mortgage payments.
  • Prevent car repossession by creating an opportunity for you to catch up on missed car payments.
  • Creates an opportunity to catch up on other missed payments, like back taxes or back spousal or child support payments.
  • In some cases, a homeowner can “lien strip” or eliminate a second mortgage.

At the conclusion of the Chapter 13 bankruptcy, any remaining credit card debt, medical bills, or other unsecured debts, and some tax debts, are discharged. To qualify for Chapter 13 you must have a steady source of income, such as from a job, self-employment, a business, retirement income, or social security.

Bankruptcy is a Powerful Tool

Both Chapter 7 and Chapter 13 are powerful tools to help you get out of debt and get the fresh financial start you deserve.

At the Law Office of Barbara B. Braziel we file hundreds of Chapter 7 and 13 bankruptcy cases every year. But our clients are never just a number. You will not be left in the hands of a paralegal. You will have access to your attorney throughout your bankruptcy case.

Call us today at (912) 351-9000 or contact us via the web to schedule a free consultation.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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The Pros and Cons of Filing Chapter 7 Bankruptcy

If you are struggling with an overwhelming amount of debt, it is time to consider filing for bankruptcy. Bankruptcy offers so many benefits, like a debt-free fresh start and relief from incessant collection phone calls. While bankruptcy offers so much, there are drawbacks that must be considered as well.

To help you decide whether Chapter 7 bankruptcy is the best option for you, consider the following pros and cons.

Filing Chapter 7 Bankruptcy “Pros”

  • A successful Chapter 7 bankruptcy can give you a debt-free fresh start.
  • Chapter 7 eliminates most unsecured debts, including credit card debt and medical debt.
  • The money you were spending on monthly debt payments can be redirected toward wise financial choices, such as saving for retirement and having sufficient emergency savings on hand.
  • Most people are able to keep most or all of their personal belongings and other assets through bankruptcy.
  • Filing for bankruptcy will immediately stop all collection action, including collection phone calls, wage garnishment, bank levies, and law suits for unpaid debts.
  • Filing for Chapter 7 will at least temporarily halt a foreclosure sale or vehicle repossession.
  • Even people will high income are often able to quality for Chapter 7 bankruptcy relief.
  • You do not have to pay taxes on debts erased in bankruptcy.
  • After bankruptcy people are still able to get car loans, lines of credit, and home loans.
  • A Chapter 7 bankruptcy filing will fall off of your credit report after 10 years.

This is only a cursory review of all of the benefits of Chapter 7 bankruptcy. To explore exactly how Chapter 7 can benefit you, meet with us for a free consultation.

Filing Chapter 7 Bankruptcy “Cons”

  • Depending on your specific case, you may still owe on some debts after bankruptcy.
  • Not all debts can be erased in Chapter 7 bankruptcy, such as student loans, back child or spousal support payments, newer tax liabilities, certain government imposed fines, and certain other debts depending on the type of debt and how and when the debt was incurred.
  • Filing for bankruptcy will affect your credit score; however, if you have already fallen behind on your debts, your score has likely already decreased.
  • You may lose property or assets if their value exceeds what is exempt under bankruptcy law.
  • A bankruptcy filing will appear in certain background checks and may affect your security clearance.
  • Chapter 7 Bankruptcy does not create an opportunity to catch up on mortgage arrears or missed car payments (though Chapter 13 Bankruptcy can).
  • You may feel badly about filing for bankruptcy―but bankruptcy protection is your legal right and may be the best financial decision you can make.

For most people who are at the point of considering bankruptcy, the pros will far outweigh the potential cons. To explore how Chapter 7 can benefit you and what cons you may face, meet with us for a free consultation.

Filing for Chapter 7 Bankruptcy

It is our mission to ensure that you understand the power and benefits of Chapter 7 bankruptcy, as well as any drawbacks you may face. We’re here to answer all of your questions. Call us right now (912) 351-9000 to schedule a free consultation.

 

Follow us on Facebook for tips on getting out of debt.

We proudly serve the people of Savanna, Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Springfield, Pembroke, Brooklet, Garden City, and Ludowici, Georgia.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

Bankruptcy Means Test Basics

The bankruptcy means test is used to determine eligibility for a Chapter 7 bankruptcy. It is one of the major hurdles to overcome if you want to be eligible for a Chapter 7 filing. Those that cannot pass the means test or otherwise become eligible for Chapter 7 may be able to use a Chapter 13 repayment plan instead.

 

Georgia’s Median Income for the Means Test

 

If you make less than your state median income, you do not need to worry about the means test, and you are generally eligible for a Chapter 7 bankruptcy. Median income numbers are update frequently. These are the Georgia median income levels effective April 1, 2017, but you should ask your bankruptcy attorney if the numbers have been updated.

 

  • $43,274 for a one-person household
  • $56,301 for a two-person household
  • $62,483 for a three-person household
  • $73,202 for a four-person household

 

Each additional member of a household increased the median income amount by $8,400.

 

To determine your current income, you will have to report your income for the past six months. This will be used to calculate your current monthly income, which will then be adjusted into an annual figure and compared to the Georgia median income.

 

If you have had steady income for the past six months, it will be fairly simple to figure out your current monthly income. However, if you have had recent changes in your income or receive commission payments or other irregular compensation, it will be a bit more complicated.

 

What to Do If You Fail the Means Test

 

If your income is over the state median, you have to take the means test, which requires you to subtract statutorily allowed expenses from your income. This calculation attempts to determine how much disposal income you have to pay your creditors in a Chapter 13 repayment plan.

 

Because Chapter 13 plans last up to five years, you will multiply your currently monthly income by 60 to determine your potential income over the next five years. You will then subtract the allowed expenses for this time period. If the result is over $12,850, you fail the means test. If the amount is below $7,700, you pass the means test. Disposal income between those amounts will require further calculations to determine if you pass the means test.

 

Failing the means test raises a presumption of abuse, but that presumption can be overcome if you have special circumstances justifying higher expenses. You may also decide that a Chapter 13 bankruptcy is a better option for you.

 

If you expect a reduction in income that could put you below the state median income, you may be able to become eligible for Chapter 7 by waiting a few months to file. Consult with a bankruptcy attorney to discuss your eligibility and options if you are unable to pass the means test.

 

We’re here to help you through your bankruptcy case from start to finish. Contact us or call (912) 351-9000 to schedule a free consultation. Together we will explore how bankruptcy can help you.

 

For over 35-years we have proudly served the people in Savannah, Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Springfield, Pembroke, Brooklet, Garden City, and Ludowici, Georgia.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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Georgia Bankruptcy Exemptions

Your bankruptcy exemptions determine which property you protect from your creditors during a Chapter 7 bankruptcy, and are also used to calculate how much your payments will be in a Chapter 13 repayment plan. Your Georgia bankruptcy exemptions are an important consideration when preparing for a bankruptcy because they only protect a certain amount of each category of property from being seized to pay your creditors.

 

If you have property that is above the amount allowed by the Georgia bankruptcy exemptions, you may lose this property during a bankruptcy. However, if your property is below the amounts listed in the bankruptcy exemptions, you may be able to file for bankruptcy without losing any property.

 

The Most Important Georgia Bankruptcy Exemptions

 

The homestead exemption protects your interest in real property that you use as a primary residence. The current homestead exemption amount is $21,500. If you are married, you can double the exemption amount, protecting up to $43,000 worth of equity in your home. Any home equity above this amount will not be exempt.

 

The vehicle exemption allows the debtor to keep $5,000 worth of equity in their vehicle. If you are married, you and your spouse will each receive a $5,000 exemption, but you can only use your exemption on a vehicle that you own or are a joint owner of.

 

Personal property is protected by a $5,000 exemption that covers a wide variety of property, including furniture, clothes, musical instruments, household goods, appliances, animals, and crops. There is a limit per item of $300.

 

A wildcard exemption of $1,200 can be used to cover any type of property, whether you have personal items or equity in your car that is not fully covered by the vehicle exemption. Unused homestead exemption amounts up to $5,000 ($10,000 if married) can be used as well. This extra wildcard amount allows debtors that don’t own homes to keep even more of their personal property during a Chapter 7 bankruptcy.

 

Learn More About Georgia Bankruptcy Exemptions

 

Before you file for bankruptcy, you should talk to a bankruptcy attorney about all of the property you own and determine how much of it will be covered by the Georgia bankruptcy exemptions. This way, you can fully understand how a bankruptcy will affect your property ownership before you file your bankruptcy case.

 

At the Law Office of Barbara B. Braziel, we are here to give you the fresh start you deserve. Call us today at (912) 351-9000 or contact us via the web to schedule a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

A Survival Guide To Filing Chapter 7 Bankruptcy

If you are considering Chapter 7 bankruptcy, or have already decided to file, it is important that you understand the bankruptcy process and what to expect. We’ve put together this Survival Guide to Filing Chapter 7 Bankruptcy so you can have an overview of the entire process.

Quick Overview of Chapter 7 Bankruptcy

Chapter 7 bankruptcy can erase debts, including credit cards and medical bills. It is generally the quickest and simplest chapter, and is typically completed in four to six months.

Benefits of Chapter 7 Bankruptcy

  • Erases most unsecured debts: including credit card debt and medical bills.
  • Stops all collection action.
  • Stops harassing phone calls from creditors.
  • Stop wage garnishments and bank levies.
  • Stops lawsuits filed by creditors.
  • Depending on your specific situation you will most likely be able to keep your car and your home. It is more likely that you can keep your car or home if your payments are current and there is not significant equity.

 

The Process of Filing for Chapter 7 Bankruptcy

Meeting For A Free Consultation

First, come meet with us for a free consultation. Together we’ll review your debt relief options and explore if Chapter 7 bankruptcy is the right choice for you and your family.

Preparing the Bankruptcy Petition

Prior to filing for bankruptcy it is necessary to gather the necessary documents, prepare the bankruptcy petition, and complete a Credit Counseling course.

When you work with The Law Office of Barbara B. Braziel, we will prepare your bankruptcy petition. Then we will review it together to make sure that it is complete and accurate to the best of your knowledge. Bankruptcy is a complex area of law, and bankruptcy petitions are filed under the penalty of perjury.

File with the Bankruptcy Court

Once your bankruptcy petition is complete, we will file it with the Bankruptcy Court on your behalf.

As soon as your case is filed the Automatic Stay immediately takes effect. This means that all of your creditors must stop all collection action. The Automatic Stay stops foreclosure proceedings and repossessions (at least temporarily), stops wage garnishments and bank levies, and puts an end to collection phone calls.

Attend the Meeting of Creditors

You must attend a Meeting of Creditors, also known as a 341 Hearing, approximately one month after filing for bankruptcy. The meeting is conducted by the bankruptcy trustee assigned to your case. It is not held in a courtroom and there will not be a judge present.

While your creditors will be notified of the meeting, creditors rarely attend. In the unlikely event they do attend, they cannot badger you or question you about why you filed for bankruptcy.

Complete a Debtor Education Course

Within 60 days of the Meeting of Creditors you must complete a Debtor Education course. Debtor Education is a two-hour course in personal financial management that can be completed online or over the phone, and is relatively inexpensive.

Other than this course, generally in Chapter 7 cases there is little the debtor must do after the meeting of creditors concludes.

Receive Your Bankruptcy Discharge Order

A bankruptcy discharge is a court order that is the legal instrument that releases you from personal liability on dischargeable debts. Getting the Bankruptcy Discharge Order from the Bankruptcy Court is the goal of any bankruptcy filing. The Bankruptcy Discharge Order is issued from the Bankruptcy Court at the end of a successful bankruptcy case.

Prior to filing your bankruptcy case, we will need the following documents:

  • 6 months of pay stubs
  • 6 months of documentation of other sources of income (if applicable)
  • 6 months of profit & loss statements (if self-employed or you own a business)
  • Copies of your bills and documentation of other debts you owe
  • Copy of your most recent mortgage statement(s)
  • Copy of your most recent car loan statement(s)
  • Copy of your federal and state income tax return or a transcript of the return, for the most recent filed year ending immediately before your case is filed.
  • Copies of paperwork in regard to: pending lawsuits, wage garnishment, bank levies, foreclosure on real property, or repossession notices
  • List of all bank and credit union accounts
  • Record of any interest you have in an individual educational retirement account or under a qualified state tuition program.
  • Certificate of completion for pre-filing credit counseling

 

Get the Fresh Financial Start You Deserve

Filing for bankruptcy can give you a fresh financial start. It can be your chance to get your financial life in order. Once you are out from under the burdensome weight of debt, you are empowered to make wise financial decisions for your future.

We Will Help You Through Your Chapter 7 From Start to Finish

Filing for bankruptcy is a serious financial decision. If you are feeling apprehension about the process, we understand. Know that if you hire us to file your bankruptcy case, we will be by your side from start to finish. We will prepare your bankruptcy petition, file it with the court, and be by your side until you receive your Bankruptcy Discharge Order.

Contact us to explore how bankruptcy can help you! We offer free consultations to anyone looking to explore how to get out of debt.

Reach out to us by email at info@BrazielLaw.com or call (912) 351-9000.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE