A Chapter 7 bankruptcy attorney specializes in one of the most common types of the procedure, accounting for 65% of all filing types. Chapter 7 allows a filer to discharge most of their debt with some exceptions such as IRS debt, child support, alimony and student loans. If you are considering filing for this form of relief, it is a good idea to discuss the details with a lawyer first so that you fully understand what is involved. This valuable legal practitioner can give you advice on what your next steps should be, making sure that all statutes are followed and all paperwork is filed in a timely manner.
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For example, if your debt is all dischargeable debt you may be a good candidate for chapter 7 bankruptcy but you should also be aware that your assists can be sold to repay some debt. Some property such as a second home or second vehicle can be sold by the trustee appointed by the courts to oversee your filing. Other property that can be sold include valuable musical instruments, unless you are a professional musician, family heirlooms, collections of value such as stamp or coin collections, stocks or bonds.
Some property is exempt such as your only car and home (with some equity limitations), clothing, household furnishings, appliances and jewelry up to a certain value. Other things of value such as your social security, unemployment, pensions, and any damage award from a personal injury (up to $17,425) for example are not touchable.
The good news is once you file, an automatic stay on all debt collection efforts is in place and your creditors can not continue to contact you in any way. And once your bankrupt status is granted your debts are erased permanently. The bad news is you can only file every six years and it will stay on your credit report for ten years. So you need to be sure a bankruptcy filing is the best decision for you to make. This is a hard decision, but at the end of it you may be able to start fresh with many opportunities that may have been prevented due to your previously prohibitive credit.
And there are certainly plenty of ways to get snagged up if you file without professional guidance. For example if you forget to include a debt you can't go back and add it on later and it won't be discharged. And if you hide assets your bankruptcy can be denied. This can be done without intent by repaying a large loan to a family member while other debts go unpaid for example or with intent by putting assets into someone else's name.
Because the laws are so complex and the rules of exemption can be confusing along with what can and can not be discharged, it's a good idea to go over your credit with a Chapter 7 bankruptcy attorney and ensure that this is the right decision for you based on the advice of someone who is an expert in the field and can help guide you through the rather complex process, hopefully towards a happy ending.
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