Get The Facts About Eliminating Your Debts Using Chapter 7
Are you suffering needlessly because of bad information about filing for bankruptcy? Yes, you can still file for Chapter 7 bankruptcy, and most people who do are able to keep their home, their vehicles, possessions and retirement savings.
Mahaffey & Associates, invites you to learn the facts about Chapter 7 bankruptcy and other debt-relief options. With offices in Sylvania, we have helped people throughout northwest Ohio and southeast Michigan take advantage of a fresh financial start and get creditors off their backs.
Setting The Record Straight On Chapter 7 Bankruptcy
The 2005 adjustments to the bankruptcy laws make filing require more documentation and credit counseling, but most people who qualified for Chapter 7 before are still eligible. Chapter 7 bankruptcy allows you to walk away from certain types of unsecured debts such as credit card balances, medical bills and certain judgments. Debts discharged in bankruptcy do not have to be repaid. However, not all debts are dischargeable in Chapter 7, including student loans, child support obligations and many types of taxes.
From the date you file, credit card companies and other creditors must stop calling you and must stop garnishment of wages and all other collection actions. Most people lose no assets in a Chapter 7 filing. If you can afford to keep up with your mortgage and car payments after your bankruptcy, you can avoid home foreclosure and repossession and keep these assets.
Can You Meet The Requirements For Chapter 7?
Not everyone is eligible for Chapter 7, because eligibility is based on your income. Eligibility is generally based on income, including how much of your monthly income remains after paying allowable expenses. You may need to take and pass what’s known as a “means test.”
You may be prohibited from filing Chapter 7 if:
- You successfully completed a previous Chapter 7 discharge within the past eight years
- You successfully completed a previous Chapter 13 case within the past six years
- You’ve had a Chapter 7 or Chapter 13 case dismissed by the court in the past 180 days due to a court finding of fraud a finding that you violated a court order
If you don’t qualify for Chapter 7 for income reasons, you can pursue Chapter 13 instead.
Let Us Guide You Through This Difficult Time – Reach Out Today
We represent many small-business owners and ordinary people who were laid off, suffered a medical crisis or otherwise incurred high debt with no hope of catching up. Our experienced bankruptcy attorneys will sit down with you to explain what debts you can discharge, what assets you can keep and how you can rebuild your credit rating.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.