Chapter 7 bankruptcy requires detailed planning
Chapter 7 bankruptcy is what most of us think of when we think about bankruptcy – even if we don’t know it. 72% of all bankruptcies filed are filed as a Chapter 7 bankruptcy . It’s also called the “fresh start” and alternatively “clean slate” bankruptcy. It is all of that.
As compared with Chapter 13 filings – which comprise about 25% of all bankruptcy cases filed – a Chapter 7 is usually simpler, pretty much always faster and less expensive than a Chapter 13. There is much about this type bankruptcy that depends on how you “package” your financial situation. So , you can keep what assets you are entitled to it is important that you have a bankruptcy lawyer that will drive deep into exactly your financial situation Understanding this completely requires a sit-down meeting between you and the attorney. During that sitdown that attorney should be asking you many detailed questions about your cars, your childcare, insurance,and personal assets like jewelry. Now back to your education…
Chapter 7 bankruptcy cliff notes
A “fresh start” or “clean slate”, Chapter 7 is a form of bankruptcy designed to let people (and sometimes businesses) get out of debt without repaying any of the “unsecure” creditors. While Chapter 7 also requires the person(s) filing go turn over to the bankruptcy trustee all “non-exempt” assets, skilled planning with an experienced bankruptcy lawyer can usually ensure all the filer’s assets are exempt (i.e., the filer gets to keep the property.)
Chapter 7 bankruptcy is part art and part science
With Chapter 7 bankruptcy , the Court, not the creditors, decides whether any assets should be sold to pay creditors. While there is both an art and a science to actually completing the documents to be filed in a Chapter 7, much greater skill is needed to plan for minimum loss to the person filing. If the person filing Chapter 7 can’t pay reasonably necessary living expenses and pay something to the unsecured creditors like home ,car , the Chapter 7 filer should sail through the process pretty smoothly.
A Chapter 7 case must be filed in the venue (district) where the person filing has lived for the better part of the last 180 days. Not surprisingly, the process requires the person filing to bare his / her financial soul to the court and the creditors. All income, assets, debts and creditors must be disclosed. Again, careful and skillful planning is essential!
If you are considering Chapter 7 it is important to get real attorney advice. So many people wait too long to get the advice that is a free bankruptcy consultation A“fresh start planning session” with Paul Staley, will give you the answers to the questions you have about bankruptcy, Chapter 7 or 13. Paul has practiced bankruptcy law in San Diego for the last 20 years serving people like you. In this meeting you and Paul will go over all your legal options and your financial situation. You will know at the end of the meeting what you need to do next, and how to go about it. Call Us .1-877-261-2217
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