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.
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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.
Once you file for bankruptcy, the court issues an order--known as an “automatic stay." The Automatic Stay prohibits creditors from contacting you, or otherwise pursuing any type of collection activity. The automatic stay can stop your house from being sold at auction, prevent your employer from deducting wages from your paycheck, and excuse you from a mandatory attendance at a deposition or other lawsuit-related appearance.
In most cases, the goal of a personal 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.
At your free consultation we will ask you a few financial questions about you and your family. This information will allow us to conduct a "means test" to determine if bankruptcy is your best option and if so, what type of bankruptcy you qualify for.
Once you have hired us to represent you, you can inform your creditors and ask them to stop calling you. You will complete a detailed questionnaire that will give us the information we need to prepare your bankruptcy petition. Together, we will review your petition and make sure that it is accurate. After we have collected supporting information such as paychecks, tax returns and other information, we will file your petition with the court. Once your case is filed, your creditors are required to stop all collection activities (including foreclosure proceedings).
Shortly after your case is filed, you will have to attend a meeting of creditors. The meeting of creditors is an interview that is conducted by an attorney (known as a “trustee”) who is assigned to oversee your case. The Trustee will ask you a few questions about your bankruptcy petition. In most cases, the meeting will last only a couple of minutes. If you are filing a Chapter 7, you will receive your bankruptcy discharge about three months after your meeting of creditors. If you are filing a Chapter 13, your repayment plan will begin after the meeting.
Book a Free ConsultationAfter 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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