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Chapter 7

Chapter 7

Dayton Chapter 7 Bankruptcy Lawyers

Chapter 7 bankruptcy is the most common type of bankruptcy case filed by consumers in the United States. When individuals or married couples face overwhelming debts and do not see a way out, they can often find relief from the Chapter 7 process.

That being said, Chapter 7 bankruptcy is not right for everyone, and it can be a complicated process. This is why it is critical to have experienced Chapter 7 bankruptcy attorneys handling your case.

Deciding to File for Chapter 7

There are many questions that you should consider when you are deciding whether to file for bankruptcy. First, you should discuss with your attorney whether filing for bankruptcy is the right move. This often depends on the nature of your debt and whether your income is enough to make any payments. If you cannot pay your debts, bankruptcy might be the best debt-relief option, and your attorney can advise you how you might want to proceed.

Next, you must decide which type of bankruptcy you will file. While Chapter 7 is faster and simpler for most people, your lawyer must determine:

  • Whether you qualify for Chapter 7 (pass the means test)
  • Whether Chapter 7 will be the most effective way to eliminate your specific debts
  • Whether you might lose too much property in a Chapter 7 case

These are all matters to discuss with a legal professional with experience handling bankruptcy cases.

The Chapter 7 Process

While everyone who files for Chapter 7 has unique circumstances, there is a general path that each case will take. This begins by:

  • Determining whether you pass the means test, which means that your household income is less than the median income for your state and household size
  • Taking inventory of all of your debts you need to report on your bankruptcy petition
  • Assessing all of your property and assets and applying exemptions to protect as much as possible
  • Filing your bankruptcy petition and supporting schedules with the proper United States Bankruptcy Court

Then, the court will assign a bankruptcy trustee to your case. The trustee will review your documentation and confirm your information at the Meeting of Creditors. This is usually the only meeting that filers must attend in person. The trustee has the authority to seize any nonexempt property and liquidate it, dividing the proceeds among your prioritized debts. Often, however, Chapter 7 filers have little to no nonexempt property.

The final step is for the court to order the discharge of your qualified debts, which include:

  • Credit cards
  • Medical bills
  • Personal loans
  • Most legal judgments
  • Some tax debts
  • Sole proprietor debts
  • Loans from family or friends
  • Unpaid rent and utilities

Once these debts are discharged, you no longer have any obligation to pay them, and you can move forward with greater financial freedom.

Contact Our Chapter 7 Bankruptcy Lawyers for More Information

You do not have to go through life drowning in debt, as there are legal options for relief. Let our Chapter 7 bankruptcy attorneys at The VanNoy Firm evaluate your situation and options. Contact us to set up a consultation today.

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Our Bankruptcy Attorneys

David T. Laton
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