STEPS IN A CHAPTER 7 BANKRUPTCY
Chapter 7 bankruptcy is a way in which an individual may be able to put an end to creditor harassment, stop wage garnishments and repossession actions, or other legal actions from moving forward, and to get unsecured debt discharged. If you want to file for bankruptcy, hiring an experienced bankruptcy lawyer from the David McCormick Law Group will significantly heighten your chances of obtaining the debt relief you seek. We do not judge people who retain our services as we believe every individual has a right to avail him- or herself of the benefits of bankruptcy.
The following are the primary steps we will take to verify your Chapter 7 eligibility and guide you through the bankruptcy process:
- The first thing we do is analyze your debt to determine which of your debts will be eligible for discharge. Child support, alimony, certain tax debt, student loans and debt obtained through fraudulent means cannot generally be discharged through bankruptcy.
- Next we will determine which property exemptions you may be able to claim. State and federal exemptions are a way to protect certain property and assets, so as to avoid losing them during the bankruptcy process.
- Not everyone is eligible for Chapter 7. A means test, which is designed to determine whether your average income is greater or lesser than the median income for your area, will be used to verify eligibility.
- As the majority of secured debts are ineligible for discharge through Chapter 7, you will be required to decide whether you want to redeem the property by paying the creditor its replacement value, reaffirm the debt or simply surrender the property back to the creditor.
- We will then work with you closely to gather the information and documentation necessary to complete the bankruptcy paperwork so we can file the bankruptcy petition on your behalf.
- Once your petition has been filed, you will need to meet with the bankruptcy trustee to go over your case. At this meeting the bankruptcy trustee will ask any questions he or she has based on the information provided in your petition. In some cases, creditors may also attend this meeting to question or challenge your claims. Either way we will be by your side to provide you with the counsel you require.
- If your bankruptcy petition includes requests to get rid of specific liens, or you wish to dispute claims creditors have made against you, we will help you address these so you can achieve the most favorable resolution possible.
- As soon as the above has been entirely resolved, the court will issue your discharge and your bankruptcy will be complete. This means you will no longer have a legal obligation to repay any discharged debt and creditors will have no legal right to seek payment.
The lawyers at our firm have provided legal representation in thousands of bankruptcy cases over the years and we take pride in helping our clients attain true financial relief. As no two cases are the same, we take the time to understand your unique situation and address your individual needs. With our in-depth knowledge and experience in bankruptcy law, there is no case too difficult for us to consider taking on. To find out if you are eligible to file for Chapter 7, or to get started on the bankruptcy process, contact our firm and schedule to meet with a Virginia Beach bankruptcy lawyer at once.