BASICS OF CHAPTER 7
Under the right circumstances, you can file a Chapter 7 Bankruptcy, keep all your property, and get rid of all your credit card and other unsecured debts. Myself or an Associate Attorney will meet with you without charge to help determine if Chapter 13 or Chapter 7 would best serve your particular needs.
What is a Chapter 7 Bankruptcy?
Chapter 7 is a liquidation bankruptcy. Individuals who file a Chapter 7 Bankruptcy usually get rid of all credit card debts, medical bills, and other unsecured debts.
In a Chapter 7, if you want to keep your car and home, you can do so by continuing to make the regular monthly payments as long as you do not have too much equity built up ($30000 joint or $15000 individual). Or, if you decide to give the house or car back, you can also get rid of the debt that goes with it.
If you get a loan by putting up furniture and household goods that you already owned, you can usually keep the furniture and household goods and get rid of the debt.
Wage garnishments can be stopped. Lawsuits can be stopped. Some leins on land can be avoided. To qualify for a Chapter 7, there must be very little equity in your real estate $15000 for individual filer and $30000 joint (married) and no excess income in your budget.
Myself or an associate attorney will meet with you without charge to help determine if Chapter 7 would best serve your particular needs.
WHO CAN FILE CH7 BANKRUPTCY?
You must reside or have a domicile, a place of business, or property in the United States or a municipality.You must not have been granted a Chapter 7 discharge within the last 8 years or completed a Chapter 13 plan.You must not have had a bankruptcy filing dismissed for cause within the last 180 days. It must not be a “substantial abuse” of Chapter 7 to grant the debtor relief. Generally speaking, if after you pay the monthly expenses for necessities there is not enough money to pay the remaining monthly debts, then granting a discharge would not be an abuse of Chapter 7. It would not be fundamentally unfair to grant the debtor relief under Chapter 7.
WHAT SHOULD I NOT DO IF FILING CH7 BANKRUPTCY?
There are several areas related to this question. You should consult your attorney. In particular there are three items worth mentioning. Under bankruptcy law, certain luxury purchases over $500 within 60 days of the bankruptcy filing are presumed nondischargeable.
Under bankruptcy law, cash advances aggregating $500 within 60 days of the bankruptcy filing are presumed nondischargeable. Debts involving materially false financial statements are nondischargeable under certain circumstances. Do not sell real estate for less than fair market value to an insider such as a relative or business partner.
The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. We are a Debt Relief Agency. We help people file for Bankruptcy relief under the Bankruptcy Code. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
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