Is This How You Feel Each Month? Chapter 7 Can Help.
Chapter 7 is the fastest, most affordable, and easiest way to eliminate your debts. Most people file chapter 7, because it provides the simplest path to financial recovery.
When you hire the David Fuller to handle your chapter 7, he will guide you through the chapter 7 process. With your lawyer’s help, this process is quite simple and is almost entirely handled by your lawyer.
- First, you have a free consultation with David Fuller, a Seattle area bankruptcy lawyer. During that free consultation you will be qualified for chapter 7 and all of your questions will be answered.
- Then the law firm will prepare your petition for you and make sure that all of the pre-filing requirements are completed.
- As soon as the petition is filed with the court, you are in bankruptcy and you are protected by the automatic stay. Now your creditors are prohibited from contacting you or trying to collect from you in any way.
- About 30 days after the petition is filed, you will join your bankruptcy lawyer for a 341 meeting in front of the chapter 7 trustee. This meeting is very short and straightforward. You do not have to go in front of the judge.
- Then its just a matter of waiting for the court to process the case and enter your discharge. During this time, the firm will make sure that all of the pre-discharge requirements are met.
- At the end, you get the discharge. The discharge provides that none of the debts in your bankruptcy can be enforced against you ever again.
- After you get the discharge, if a creditor tries to enforce a discharged debt against you, then you can get a court order forcing them to stop and to pay your attorney’s fees.
Chapter 7 Information
There are a lot of myths and areas of confusion surrounding chapter 7. Sometimes people are hesitant to file chapter 7 because they are afraid that they are not eligible or are afraid that they will lose their property.
Chapter 7 Is Still Available To You. A few years ago, the bankruptcy laws changed. After those changes, many people were worried that they could not file chapter 7. In fact, the vast majority of people still qualify for chapter 7. The only thing that has changed is that your lawyer has to file a document showing your qualifications. As part of your free consultation, your bankruptcy lawyer will make sure that you qualify for chapter 7.
Your Will Not Lose Your Property In Chapter 7. Chapter 7 is designed to give you a fresh start. That means that your property is protected by exemptions. Exemptions are a set of protections that guarantee that a debtor will not lose everything that they own. You won’t lose your personal property in bankruptcy, unless you own a piece of very valuable property like high end jewelry, antiques, high end cars (like a BMW 7 series), restored classic cars, or other things like that.
If you have property that is subject to a lien, like a car loan or a mortgage, you must remain current on that property, if you want to keep it. If you do not want to keep property subject to a lien, then you can surrender it and will not be responsible for anymore payments.
Chapter 7 Eliminates Deficiency Claims. If you have a deficiency on repossessed or foreclosed property, the creditor can sue to collect it and can garnish your wages. Chapter 7 eliminates deficiencies and prevents a creditor from suing you to collect the debt. If you surrender property while you are in bankruptcy, there is no deficiency claim at all.
If you had your house foreclosed or your car repossessed before you filed bankruptcy, then you could be facing a deficiency claim. A creditor has a deficiency claim when they sell your property at auction, and the auction price does not cover all the loan on the property. It can also happen if you totaled your car and your insurance did not cover the full amount due on the loan.
Chapter 7 Stops Garnishments. If you are being garnished, the garnishment must stop as soon as you have filed bankruptcy. Period. Chapter 7 can restore your paycheck. The only exception is garnishments for child support or alimony.
Chapter 7 Delays Foreclosures. Chapter 7 can help when your house is being foreclosed on and you want to get rid of the house, but you need some more time to move. Because the automatic stay goes into effect when you file bankruptcy, chapter 7 delays the foreclosure on your house. The bank has to get the court’s permission to continue the foreclosure. This is helpful for our clients, because it gives them the time necessary to find a new residence and to move.
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