Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the type of bankruptcy that is most familiar to the public. Chapter 7 or a “liquidation” bankruptcy is designed to eliminate or “discharge” most consumer debt.
Filing for Chapter 7 Bankruptcy
A Debtor must financially qualify to file a Chapter 7 bankruptcy. The attorneys at Kasunic Law Firm will assess your household income and expenses and apply the applicable deductions available to you under the “means test” to determine if you will be eligible for Chapter 7 bankruptcy. Under Chapter 7 bankruptcy, as with all types of bankruptcy, you must list all of your assets. Ohio law provides for protection for various types of property. Sometimes under certain circumstances property may not be exempt from your bankruptcy estate. Our attorneys will negotiate with the bankruptcy trustees to assist in retaining this property. While most debt is dischargeable in Chapter 7 bankruptcy, there are some exceptions. For example, student loans, recent tax debt and child support are non-dischargeable. Experienced attorneys will advise you as to what obligations, if any, will remain after your bankruptcy filing.
The benefit of retaining an attorney.
A simple answer to this question is that we can give you peace of mind. We can immediately stop creditor phone harassment. After the filing of your bankruptcy petition, all collection activity, including wage garnishments, will cease. Allow our team of attorneys and paralegals to, once and for all, relieve you of crippling debt and the stress and anxiety that go along with it. Call us for a free consultation today.