A Chapter 7 bankruptcy has many benefits and is not as difficult to file for as you might assume. It is also a big decision that you should not make until you have all of the facts about filing under Chapter 7. Below are some highlights from our blogs discussing Chapter 7. If you want to know more, click on the title to read the entire blog.
Filing Chapter 7 Could Save Your Life
Being in debt causes stress. Prolonged periods of stress will have a negative effect on your emotional and physical health. High blood pressure, fatigue, insomnia, and depression are some of the conditions that you can develop as a result of the stress caused by being in debt. These conditions can be life-threatening if they continue.
Filing Chapter 7 reduces your stress by providing an affordable solution to your debt problems. Chapter 7 “wipes out” your unsecured debt and gives you a fresh start without the burden and stress created by creditors threatening you or harassing you regarding unpaid debts.
Chapter 7 Bankruptcy Process
When you file a Chapter 7 bankruptcy case, you must also file other documents in addition to your bankruptcy petition. We never give you a stack of paperwork and send you home. Our friendly, knowledgeable, and skilled staff work with you to gather the information needed to complete these forms. Your attorney reviews each page with you to ensure the information is correct before our office files the forms with the court.
Once your case is filed, a Meeting of Creditors is scheduled – usually four to six weeks after filing. You must attend this meeting to answer questions under oath regarding your finances. Your bankruptcy attorney attends the meeting with you. In two months after your meeting of creditors, you will receive your discharge order and order closing your case. Hiring an experienced bankruptcy attorney prevents your discharge from being denied because your attorney ensures that everything filed is correct and that you meet all of the requirements to qualify for a bankruptcy discharge.
Chapter 7 Bankruptcy Timeline: How Long Does It Take?
This is a common question many of our clients have regarding a Chapter 7 case. Your first step is to schedule a free bankruptcy consultation with Kain & Scott. If you decide to file a Chapter 7 bankruptcy, you can retain our office that day. Our staff schedules a second appointment for you to review and sign your bankruptcy forms before your bankruptcy petition.
Once your case is filed with the court, you should receive your discharge and order closing case in about four months. Our staff will review several things you can do to ensure that your bankruptcy timeline is as short as possible. You can find some of this information in the above blog.
Keep Your Car in a Chapter 7 Bankruptcy Discharge
One of the most common bankruptcy myths is that you lose everything when you file a Chapter 7 bankruptcy. Most Chapter 7 cases are “no asset” cases meaning that debtors do not lose any of their property. In the case of a car loan, you must continue paying the loan payments and you may be required to sign a Reaffirmation Agreement by the creditor. Reaffirmation Agreements must also be approved by the bankruptcy court. This blog explains what a Reaffirmation Agreement is and discusses how these agreements relate to keeping your car in a Chapter 7 case.
Debt Free in 120 Days or Less
It may sound impossible but it is true — you can be debt free in 120 days or less by filing a Chapter 7 bankruptcy. This blog provides details about filing a Chapter 7 bankruptcy in Minnesota. Kain & Scott guides their clients through the bankruptcy process to ensure that the process proceeds as quickly and as smoothly as possible. Beginning with “Day 1” and the filing of your bankruptcy petition through “Day 120” when you debts are discharged, our team of legal professionals do everything within our power to ensure your bankruptcy case moves as quickly as possible.
If you are struggling with bills you cannot pay, sign up for a free bankruptcy consultation with Kain & Scott, P.A. to determine if filing bankruptcy is the best way to resolve your debt problems. We will discuss all available consumer debt solutions to help you reach a decision that is in your best interest. For more information about what to expect during your bankruptcy consultation, download a copy of our free Bankruptcy Consultation eBook.
