If you are overwhelmed by debt, there may be relief for you through bankruptcy. At the law firm of Buckrop & VanDeVelde, our Chapter 7 attorneys can review your situation and let you know what options are available to help you get a fresh start.
Chapter 7: What Is It and What Can I Expect?
A Chapter 7 bankruptcy is the most common bankruptcy. It is often referred to as a straight bankruptcy or liquidation. In this type of bankruptcy, you are required to list all of your property and all of your debts. Each state has developed exemptions for its citizens to use in bankruptcy. The exemptions are used to protect the equity you have in your property. In the event that some of your property is not exempt you may have to turn it over to a Chapter 7 trustee for distribution to your creditors.
For individuals with homes and vehicles they want to keep, a reaffirmation agreement or a redemption may be necessary for you to keep your property. For an overview of what you can expect along the way, continue reading.
Beginning the Process
The Chapter 7 bankruptcy process, begins with your free consultation. You will meet with an experienced attorney who will evaluate your financial picture to see if a Chapter 7 would be beneficial to you. In order to file for Chapter 7, you are required to pass what is referred to as the “means test” implemented under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The purpose behind the means test is to prevent consumers who could afford to repay some of their debt from filing Chapter 7. If you qualify for Chapter 7 and your bankruptcy lawyer believes it is right for you, then you will be informed of the fees, the process and what you need to do in order to complete your bankruptcy.
Getting Your Chapter 7 Bankruptcy Filed
Once you have provided the attorney with all the required documentation and have paid the fees, work will commence on your case. Remember, you generally are not protected from creditor lawsuits and garnishments until your case has been filed. The faster you get everything in, the sooner you can get your case filed. While your Chapter 7 bankruptcy is being prepared, you can expect to receive e-mails, phone calls, and written correspondence from your attorney requesting missing information and documentation required to complete your bankruptcy petition and schedules.
The bankruptcy preparation process generally takes one to two weeks for routine cases. In rare circumstances, such as when your wages are going to be garnished, your Chapter 7 bankruptcy can be prepared and filed in as little as a day! If you have a complex case, then the process could take months, but these types of cases are very rare and usually arise in the context of a business. Once your case is ready to file, you will receive a letter in the mail informing you of the next step.
When Do I Get My Chapter 7 Bankruptcy Discharge?
Under normal circumstances, you will receive your Chapter 7 discharge approximately 60 days after your meeting of creditors. This will relieve you of your debt and provide you with the fresh start you have been waiting for.
Contact Our Rock Island, Illinois, Debt Relief Law Firm
Our office is located in The Law Centre in downtown Rock Island, Illinois, just a short distance from both Iowa and Illinois federal courthouses. Our lawyers and professional staff proudly serve most clients throughout Western Illinois and Eastern Iowa. Contact us to arrange a consultation with an experienced Moline Chapter 7 attorney today.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.