Anyone can file bankruptcy; however, not everyone qualifies for a Chapter 7 Bankruptcy. To determine if you can file a Chapter 7, your attorney will perform a "means test." The means test analyzes your income, expenses and family size to determine whether you have enough disposable income to repay your debts. Those who don’t qualify for Chapter 7 can choose instead to restructure their debts and pay them off through Chapter 13 bankruptcy.
In Chapter 7 bankruptcy, you can keep all your property that is “exempt.” If the property is exempt, you can keep it during and after bankruptcy. If the property is nonexempt, the trustee is entitled to sell it to pay your unsecured creditors. Exempt property includes your car, your primary residence, clothing, retirement funds and furniture (to name a few). Non-exempt property includes luxury items; such as, boats, vacation homes, and expensive automobiles. Most Chapter 7 Bankruptcy cases are “no asset” cases where there are no nonexempt items to liquidate.
The ultimate goal of your Chapter 7 Bankruptcy is to receive a "discharge" of your unsecured debts.
A discharge is a court order in your bankruptcy case that releases you from personal liability for most debts. Once a debt has been discharged, a creditor is no longer allowd to try to collect the debt. However, not all debts are dischargeable. Certain debts, such as alimony, child support, and student loans, cannot be discharged. Contact us for more information about what debts can and cannot be discharged.
Chapter 7 is the most common chapter of bankruptcy protection filed by individuals and married couples and is generally the best option for those with a low income and few assets.
If you qualify for a Chapter 7, we will assist you in completing your bankruptcy petition and schedules that will be filed with the court. Once your case is filed; your creditors are notified, and a Chapter 7 Trustee is appointed. The Trustee will review your schedules and conduct a hearing, known as a “meeting of creditors.” If you have any non-exempt assets, the trustee will liquidate those assets and use the funds to pay your unsecured creditors.
After a period of time, your unsecured debts will be "discharged” and your case will be closed.
Chapter 7 bankruptcy is the fastest and most common form of bankruptcy. A Chapter 7 bankruptcy eliminates most types of debt with court protection. While some debtors will have to give up luxury items, such as vacation homes, or expensive cars; most filers do not.
MoreIndividuals and families who have sufficient income to repay a portion of their debts over time must file a Chapter 13 Bankruptcy. In a Chapter 13, your attorney will create a debt repayment plan known as a "Chapter 13 Plan." The term of the repayment period typically lasts for three to five years.
MoreIf you are facing foreclosure, a Chapter 13 bankruptcy can be a powerful tool in saving your home. A Chapter 13 will stop any foreclosure proceedings against you as long as the petition is filed prior to the completion of the foreclosure sale.
MoreAn adversary proceeding in bankruptcy is a separate lawsuit filed within the bankruptcy case. Like most lawsuits, it starts when someone (the creditor, the bankruptcy trustee, or you) files a complaint.
MoreAfter a bad divorce and foreclosure on my house, not to mention a list of other debts, I found myself with no way out. I turned to Dax in my time of need of professional help. He was understanding and assured me things would be fine. Through his professionalism and knowledge I was able to successfully file bankruptcy.
Dax was well informed and prepared to help me through this difficult process. It would have been rough if I had to have done this on my own.
We would highly recommend Attorney Dax Grantham. He is knowledgeable, easy to talk with, and highly effective! We couldn’t have asked for a better attorney ! We were overwelmed, Attorney Grantham quickly guided us thru the process of Chapter 7 Bankruptcy, We got our discharge and We were able to save our house at a very reasonable rate thanks to him.
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