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Find Chapter 7 Bankruptcy Lawyer

Find Chapter 7 Bankruptcy Lawyer

Chapter 7 Bankruptcy

Sometimes circumstances result in an individual accruing unmanageable amounts of debts. In order to escape this crushing financial obligation, it can be necessary to file for bankruptcy. In general, there are two kinds of bankruptcy available to individuals: chapter 13 and chapter 7.

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Law Office of Deepti Rajbhandari

2 years in practice
Bankruptcy, Immigration Law
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Butcher Law Office, LLC

13 years in practice
Bankruptcy
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Weston Legal PLLC

46 years in practice
Bankruptcy
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Joshi Law Group

12 years in practice
Bankruptcy
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Goering & Goering, LLC

61 years in practice
Bankruptcy
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Walker Law Firm, P.A.

12 years in practice
Bankruptcy, Divorce & Family Law
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A Final Resort

Chapter 7 bankruptcy is a far more disruptive process for personal bankruptcy than chapter 13 bankruptcy. Often the only reason chapter 7 bankruptcy will be chosen is because the petitioner lacks the qualifications to merit a chapter 13 bankruptcy case. Before filing, it is important to understand the chapter 7 process as well as the exemptions that allow petitioners to keep certain property.

Chapter 7 Process

During chapter 7 bankruptcy, a number of documents must be filed including a complete summation of all assets and liabilities that the petitioner has. Once the petitioner has submitted their documentation, the bankruptcy court will appoint a trustee who will liquidate and sell off all assets held by the petitioner in order to fulfill financial obligations to creditors.

Chapter 7 Exemptions

Chapter 7 is not guaranteed to leave a petitioner with nothing. There is a methodology in place to exempt certain property from the liquidation process. What can be exempt depends on the state that the petitioner lives in, although there is also a list of federal exemptions for property as well.

Additionally, there is a way to reclaim an asset from the liquidation process. However, if the asset that is reclaimed has debt attached, such as a vehicle, then the petitioner will reassume the debt for the asset as well.

Giving You a Second Chance

If you are seeking protection under chapter 7 bankruptcy, you will need the help of an experienced bankruptcy attorney. A bankruptcy lawyer can use their experience and expertise to represent your interests and get you the results you need to start fresh.

In order to achieve this best outcome, however, you will need an attorney who has the expertise and resources to take your case all the way. That’s why you should contact Attorney at Law. By partnering with AAL, you will be able to avoid slogging through the quagmire of unscrupulous lawyers looking to exploit your case.

At AAL, we only partner with the best firms in your area, helping you find the best attorney for your case. Don’t wait, contact AAL today to be matched with skilled and experienced attorneys in your area who practice bankruptcy law.

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Chapter 7 Bankruptcy Frequently Asked Questions

1. What is chapter 7 bankruptcy?

Chapter 7 bankruptcy is a more drastic form of bankruptcy available to individuals. Unlike chapter 13 bankruptcy which creates a repayment plan in order to manage debts, chapter 7 bankruptcy consists of appointing a bankruptcy trustee to liquidate assets in order to settle debts.

2. How long does it take to file chapter 7?

How long it can take to file chapter 7 bankruptcy depends on how quickly the petitioner can assemble the necessary documentation. However, most bankruptcy courts will assign a two week deadline to file these documents with the court.

3. How much does it cost to file chapter 7?

Typically there are two factors in the cost of chapter 7 bankruptcy: attorneys fees and filing costs. The filing fee for chapter 7 bankruptcy is $338. Attorneys fees for chapter 7 bankruptcy can range from a few hundred to a few thousand depending on the length and complexity of the case.

4. What happens after I file for chapter 7?

Once chapter 7 bankruptcy has been filed, the appointed trustee will assess and sell all nonexempt assets in order to settle debts owed to creditors. There are some assets that may be protected from liquidation but most property held by the debtor will be liquidated. This has led many people to consider chapter 7 as the last resort.

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