Chapter 7 Bankruptcy
You have lost your job or you simply cannot pay your huge debts. A Chapter 7 bankruptcy may be the answer to your sleepless nights and stress. Called “the fresh start bankruptcy,” filing a Chapter 7 will eliminate your debt and requires no down payment. However, you will lose your property unless you chose not to include it in your bankruptcy filing.
Myths about filing Chapter 7
- I will lose my home. If you are current on your mortgage and wish to keep your home, you can. However, if you are behind, your creditor can ask the bankruptcy court to lift the stay and proceed with foreclosure.
- I won’t be able to buy a car for seven years. Yes, a Chapter 7 does stay on your record for seven years. But many creditors are more likely to lend you money for a car because they know you cannot file another claim for eight years. This is especially true if your financial circumstances changed after filing Chapter 7 and your have more income.
- It’s too hard. The attorneys at Luftman, Heck and Associates do the work for you. Many people chose a Chapter 7 bankruptcy because it is the easiest and quickest. The process takes four to six months and costs $299 in filing and administrative fees.
How does it work?
- Meet with an attorney at Luftman, Heck and Associates to discuss your income and debts.
- Your attorney will file the paperwork.
- You will meet at the courthouse with your trustee and your creditors. Some creditors will not attend.
- The bankruptcy is approved by the court.
Chapter 7 Facts.
- If you have completed a Chapter 13 repayment plan or had a Chapter 7 discharged in the past eight years, you cannot file a Chapter 7.
- If your income is higher than the median family income for a family of your size in your state and your disposable income, less some expenses, will allow you to pay your debts in five years.
- Child support, tax debts and student loans are not eligible for Chapter 7 protection.
Stop worrying over your debts. Call Luftman, Heck and Associates today for relief!
The Law Firm of Luftman, Heck & Associates, LLP is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The information provided on the web site is not, nor is it intended to be, legal advice or an offer to represent you.
