Filing for Chapter 7 Bankruptcy
At Callahan Law Firm, we understand that the burden of debt can be incredibly overwhelming, and that the thought of filing for Chapter 7 bankruptcy can be daunting. We're here to help.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is known as the "fresh start" or "liquidation" bankruptcy. It requires you to sell all non-exempt assets and property (your bankruptcy estate) to be applied towards your unsecured debt, wiping it out. Chapter 7 allows individuals to discharge most of their debts, including credit card debt, medical bills, personal loans, payday loans, repossessed vehicles, foreclosed homes, certain tax liabilities, and many other debts.
Qualifying for Chapter 7 Bankruptcy
While most people do qualify for Chapter 7, It is important to note that not everyone will qualify for Chapter 7 bankruptcy. To learn whether or not you qualify, you will first need to take the means test to assess your ability to repay your debt. For example, if your income level is greater than the threshold assessed by the means test, you'll need to file for Chapter 13 bankruptcy instead.
There are additional restrictions to applying for Chapter 7 bankruptcy. Individuals that have filed for and been discharged from Chapter 7 bankruptcy in the last eight years will not be able to apply. Another restriction applies for those whose filing has been dismissed within the past 180 days for failing to follow a court order, abusing the bankruptcy system, or voluntarily dismissing a case after a creditor requested relief from the automatic stay.
Please remember, though, that even if you do not qualify for Chapter 7 bankruptcy, the Callahan Law Firm is committed to helping you discover other options.
Why You Need a Chapter 7 Bankruptcy Attorney
Our experienced attorneys will help guide you through the process of filing for Chapter 7 bankruptcy. We'll ensure that you keep as much of your assets and property as possible, as well as provide maximum protection from creditors trying to collect, repossess your car or foreclose your home. This can be a very intimidating process, but you can rest assured knowing that Callahan Law Firm is working in your best interest.