How To File For Chapter 7 Bankruptcy
CONTACT SIDDONS LAW FIRM IN MEDIA, PA; RISING SUN, MD & STATEN ISLAND, NY TODAY
What is Chapter 7 Bankruptcy ?
What Happens When You File For Bankruptcy?
The Best Way to File Chapter 7 Bankruptcy
STEP 1 - HIRE AN ATTORNEY
What Can Filing For Chapter 7 Bankrtupcy Do For Me?
Hire a Chapter 7 Attorney to Determine Whether Bankruptcy is the Right Option for You
SIDDONS LAW FIRM HANDLES BANKRUPTCY CASES THROUGHOUT MEDIA, PA; RISING SUN, MD & STATEN ISLAND, NY SURROUNDING AREAS
Not every bankruptcy case goes smoothly, and there are instances in which creditors may object to a discharge for various reasons or the court may take issue with the way exemptions are claimed, for example. If this occurs in your case, your lawyer will vigorously advocate for your position and fight to ensure that your bankruptcy is resolved in the most favorable way possible.
Just because you are having trouble paying your bills does not necessarily mean that you should file for bankruptcy. Bankruptcy can have a negative impact on your credit and can make it difficult or expensive to get approved for financing for large purchases. For this reason, it is important to have an attorney fully evaluate whether the discharge of your eligible debts would be worth the negative impact on your credit.
In addition, not everyone is able to file for Chapter 7 bankruptcy – you need to be able to pass the “means test, ” which weighs your monthly income against your expenses in order to see whether it is possible for you to pay your debts. If you cannot pass the means test, you cannot file.
It is important to keep in mind that an attorney, unlike a debt consolidation company, is ethically bound to keep your best interests in mind. As a result, you can rest assured that the advice that a lawyer gives you about whether or not you should file for bankruptcy is sound and not simply a sales pitch to get another customer.
MAKE SURE THAT YOUR BANKRUPTCY FILING IS ACCURATE AND COMPLETE
The amount of paperwork associated with filing for bankruptcy can be extremely daunting. In addition, any errors or omissions in your filing could result in your case being rejected by the court or your discharge denied. In a worst-case scenario, you could even be accused of bankruptcy fraud, which could potentially have criminal consequences. For this reason, it is highly advisable for anyone filing for bankruptcy to do so with the assistance of a skilled lawyer. When you hire an attorney, he or she will thoroughly evaluate your situation, collect the necessary documentation, fill out the required forms, and file them with the appropriate court. In addition, should a court appearance or a hearing become necessary, your lawyer will appear on your behalf and represent your interests.
HELP YOU MEET ALL OF THE REQUIREMENTS NECESSARY FOR A DISCHARGE
Will I Lose all of my Assets in Chapter 7 Bankruptcy?
If you are like most people, you may have concerns about being able to keep your property if you file for Chapter 7 bankruptcy. After all, the fundamental idea behind Chapter7 is the liquidation of a debtor’s assets in order to pay off creditors. Fortunately for debtors, both state and federal law provide various exemptions that allow you to protect your assets from being included in your bankruptcy. In fact, many people who file for bankruptcy are able to keep all of their assets while having their debts discharged. Some of the exemptions often utilized by people who file for bankruptcy include the following:
- The federal homestead exemption – This exemption allows you to protect $23,675 of the equity in your home. This means that if you have less than this amount in equity and can continue making mortgage payments after your bankruptcy, you will likely be able to keep your home even if you file for bankruptcy.
- Personal property exemptions – There are exemptions available for various types of property, including motor vehicles, jewelry, household goods, tools of trade, health aides, and insurance policies.
- Pension and retirement benefits exemptions – New Jersey law completely exempts public employee’s pensions and retirement benefits from any bankruptcy proceedings.
- Unemployment compensation exemption – If you are collecting unemployment benefits, they are exempt from your assets included in your bankruptcy estate.
- Workers’ compensation exemption – Similarly, workers’ compensation benefits are exempt in Chapter 7 bankruptcy under New Jersey law.
In many bankruptcy cases, fully utilizing the available exemptions allows debtors to continue living as they normally do while having their debts wiped out. The best way to file for Chapter 7 and ensure that you take advantage of all of the exemptions available to you is to file for bankruptcy with the assistance of a top Chapter 7 attorney.
If you are considering filing for bankruptcy, it is very likely that you are already in financial trouble and are trying to save money every chance that you get. While reigning in spending and being frugal is generally a good idea, retaining a qualified and experienced bankruptcy attorney is not an expense that you should try to avoid. A qualified attorney can help you in many ways and can ensure that you are in the best possible financial position after your bankruptcy case has been concluded.
FOR A FREE CONSULTATION TO SEE IF BANKRUPTCY IS RIGHT FOR YOU, CONTACT OUR FIRM TODAY
The decision to file for bankruptcy is an important one and should not be made without a careful consideration of all of the relevant facts. While bankruptcy can certainly provide a fresh financial start and eliminate debts, it is not advisable in every case. For this reason, if you are considering filing for bankruptcy, you should hire an attorney to file chapter 7 as soon as possible. Michael Alan Siddons is a skilled bankruptcy attorney who understands how to take full advantage of the bankruptcy code to ensure his clients keep as much of their property as possible while obtaining a discharge of their debts. To schedule a free consultation with Mike, call our office today at 610-255-7500. If you would prefer to send an email, please fill out and submit our online contact form. Our firm is based throughout Media, PA; Rising Sun, MD & Staten Island, NY.
FOR MORE INFORMATION ABOUT CHAPTER 7 BANKRUPTCY ATTORNEYS, CONTACT US TODAY
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