Bankruptcy may be the answer
Chapter 7 bankruptcy is the most common form of bankruptcy filing, accounting for the majority of all consumer filings. It is a liquidation of assets, but don’t let the description scare you. In many cases, your state’s exemption laws protect your assets and allow you to keep everything that you own, including your house and car. This is why complete disclosure of your assets and liabilities are absolutely essential to assure that your attorney has properly advised you as to the possibility of liquidation.
Chapter 7 will eliminate most unsecured debts, such as credit cards, medical bills, deficiencies for repossessed autos, subscriptions, memberships, utilities, etc. As a general rule, student loans, IRS debt, maintenance and child support obligations, parking tickets, fines and penalties, and debts acquired by fraud are not dischargeable.
Secured debts such as auto loans and mortgages cannot be eliminated if you intend to keep those items. Consequently, your payments must be current and remain current. Other debts secured by furniture, jewelry, household items, etc. may be negotiated in order for you to retain. Or you may opt to surrender the property in order to eliminate the debt altogether.
When a bankruptcy is filed on your behalf, there is one hearing that you must attend called a 341 Meeting of Creditors. At that time, your documents will be reviewed and you will be questioned under oath by an interim trustee with the U.S. Trustee’s Office. Approximately two to three months following the hearing, if no objections to discharge have been filed, you will receive your discharge. This generally marks the completion of your bankruptcy.
Cost: The filing fee for Chapter 7 is currently $335.
The attorney fee varies from case to case, but our fees start at $795.00 with as little as $100 down!
PAYMENT PLANS ARE AVAILABLE!
Please be reminded that the information contained on this site is only an overview. Each individual's situation is unique. Our website has been designed to provide you with a user-friendly overview of the bankruptcy process and how we may be able to assist you. Be advised that the information herein does not constitute legal advice. Our attorneys are here to provide you with a free, confidential evaluation to review and analyze your situation to determine which options may be right for you.
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Damita G. Buffington
Attorney at Law