lastherIf you have more debt than you can pay back, then filing Chapter 7 Bankruptcy may be an option for you. A Chapter 7 Bankruptcy eliminates debt through liquidation of assets. That sounds scary but the majority of people will be able to keep all of their property.
How Does It Work?
Here’s how it works: when you file for Bankruptcy, a trustee is assigned to oversee the process. Their job is sell assets and distribute the money to your creditors whenever the possible. The trustee is limited to selling non-exempt assets only. When we file your Bankruptcy petition, we are carefully look at your assets and the law and exempt as much as possible. As noted above, most people who qualify for a Chapter 7 Bankruptcy are able to keep all of their property.
Chapter 7 is the most common Bankruptcy filed but not everyone qualifies. The bankruptcy “means test” will determine if you are eligible to file Chapter 7 Bankruptcy. The purpose of this test is to determine whether your income exceeds a certain amount making you ineligible for this particular type of Bankruptcy.
A big benefit to our clients who file a Chapter 7 is that, unlike in a Chapter 13, there is not a repayment plan lasting 3 to 5 years. Instead, all debt dischargeable is wiped out at the end of this process. This allows you to get a fresh financial start as soon as the Bankruptcy is complete.
Schedule a Free Consultation
The road to debt relief can be complex and confusing. Attorney Scott Ciolek understands that filing for bankruptcy successfully depends on getting the details right. Call today to set up a consultation with Scott at 419-740-5935.