Bankruptcy Filings Chapter 7
Chapter 7 is a liquidation of assets and total wipe out of debts. Some debts may not be wiped out. Assets may be preserved due to exemptions or protections under the law. In 90 to 100 days, a Chapter 7 bankruptcy takes you out of the weight of financial crisis to a new start! From counseling to filing to discharge, we represent you. We are there. We answer phone calls. We follow up with you. We avoid “red flags.” We help you to avoid objections and issues. Once the bankruptcy is discharged by the court, there is a permanent stay against creditors on all debts which are discharged by the bankruptcy.
We have filed hundreds and hundreds of chapter 7 bankruptcies for clients. We have seen our clients buy houses, cars and businesses after obtaining the discharge. We have seen them not only get from under the weight of debt, but begin a new life, planning for their futures. Once we file your bankruptcy petition, no collection activity may take place. Any collection activity is a violation of the automatic stay. Thus, if your house is threatened with foreclosure or in foreclosure, a bankruptcy can stop the foreclosure.
We have litigated issues in chapter 7, 11 and 13 bankruptcies. We have represented shareholders and former ceos in public companies. We have represented the wage earner, the small guy. This means that we have experience with issues that run the gamut and we pride ourselves on being creative as well as combative when we have to be. Most importantly, we understand how to avoid “red flags.” We seek to make your bankruptcy painless.
If you cannot see a way to eliminate credit card debt, what is the point of hiring someone who takes your money and pays all of the creditors for their finance charges and does nothing to eliminate the debt?
Do you have income tax debt? Chapter 7 can eliminate some income tax debt. Did you pay one creditor and not others? How do you solve the problem of preferences if you file a bankruptcy petition? Did you use your credit cards and now want to file? How do you solve the problem of presumptive fraud?
How long can your bankruptcy be reported by the credit reporting agencies? How long can they report your judgments, your nonpayment, your defaults? If you filed before, when can you file a bankruptcy again?
A bankruptcy stops a foreclosure. In a chapter 7, you can then bring up the arrearages. In a chapter 13, you can reschedule payments. Also, pertinent to the current real estate market, if the second mortgage exceeds the fair market value of the property, this lien can be stripped and treated as unsecured debt.
What do you do about utility bills? How can you avoid stoppage? What do you know about utility bonds?
Did you transfer your real estate or personal property within last year to family member or friend? What if you transferred the real estate within the last three years? A transfer of assets for less than market value may be deemed a fraudulent transfer. If a property is transferred to a family member or close friend within one year of the filing or a transfer to non-insiders within 90 days is considered a preference and may be claimed by trustee.
What happens to the co-signer, ex-spouse, ex-business partner if obligated under debt as joint debtor?
A debtor must attend Meeting of Creditors (MOC) which is ordinarily scheduled approximately 30 days after filing of the petition. We represent our clients at the MOC.
What debts may be discharged in a Chapter 7 bankruptcy? All unsecured debts but the following:
Spousal or child support NO
Criminal fines or restitution NO
Fine or Penalty owed to governmental unit NO
Drunk driving injury claims NO
Student Loans NO and YES
Payroll taxes, sales taxes, property taxes NO
Federal and State Income taxes unless NO and YES
Damages arising from wilful injury to person or property NO
Do you want to avoid fraud claims? Have you obtained cash advances, incurred luxury charges (e.g., vacations, jewelry, etc.), made charges when you knew you could not repay, lied on credit application, and incurred gambling debts. Let us help you navigate through these waters.
Did you know that a judgment lien on homestead property may be avoided during bankruptcy? Did you know that a non-purchase money security on your personal property may be avoided under certain circumstances? Did you know that a judgment lien filed 90 days before bankruptcy filed may be avoided?
Do you know which banks are now freezing bank accounts when debtors file their petitions?
Bankruptcies are complicated matters for the unsophisticated, unwary and unexperienced. You need a qualified bankruptcy attorney to take you through the process and be there to defend you when questions or problems arise. We are there for you and will be there to stand up to the creditors when you need us.
We offer free consultations. We offer weekend and evening appointments. Our rates are low. We offer service unsurpassed. We offer assistance in Spanish and Chinese. Hire an attorney who knows his business, who cares about you, and who will deliver the best service.
