What Happens in a Chapter 7 Bankruptcy?
When someone comes to our office to meet with our bankruptcy attorney, many times they ask about what exactly happens during the Chapter 7 bankruptcy process. There are many myths about bankruptcy, and our bankruptcy lawyer takes time to help our clients understand all of the options available to them. Our next series of articles will discuss what happens in a Chapter 7 bankruptcy. Let’s get started:
Overview of Chapter 7
Chapter 7 bankruptcy is designed to provide a debtor relief from debts owed to creditors. It is different from Chapter 13 bankruptcy, which essentially re-organizes debt into a structured plan to pay. In the case of Chapter 7, all qualifying debts may be completely discharged.
Qualifying for and Filing Chapter 7
A debtor must meet a certain set of requirements to qualify for filing Chapter 7 bankruptcy. A bankruptcy attorney can help a debtor determine whether or not they are qualified. If they are qualified to file Chapter 7, then the bankruptcy lawyer will move towards preparing the actual filing. This is a petition to the court which includes a comprehensive and detailed list of all the debtors property, debt, and creditors.
Our next article will outline more details about filing Chapter 7 bankruptcy.
When considering bankruptcy, Charleston residents and those in surrounding areas who need a trusted bankruptcy attorney may choose to engage Drose Law Firm. Our bankruptcy lawyer handles all types of bankruptcies and debt resolution cases. We have been in business for more than three decades and will be here to serve you if you need us. Give us a call to learn more today.