CHAPTER 7 BANKRUPTCY
The most common form of bankruptcy is Chapter 7. Filing for Chapter 7 relief has the power to leave you with no more debt and no more creditors harassing you for money. If you qualify for Chapter 7 relief, it has the power to transform your life for the better.
Chapter 7 is sometimes called “liquidation bankruptcy.” The reason for this is that filing for Chapter 7 gives the bankruptcy trustee the right to collect certain types of property you may own and sell it to help pay off your creditors. It is important to remember that some property is exempt from this.
At Andress | Inzina, LLC, our attorneys work to protect the rights of South Louisiana residents. We have extensive experience in Chapter 7 bankruptcy and can guide you through the process. We can help you deal with debt problems, including:
Bank account levies
Harassment from creditors
Runaway credit card debt
Property seizures and sheriff’s sales
Other financial concerns
If you don’t qualify for Chapter 7, or have a specific property you want to protect from liquidation, we can help you pursue Chapter 13 bankruptcy relief.
What Should I Expect After Filing for Chapter 7?
The decision to file for bankruptcy is an important one. We will not pressure you to take any action until you are certain you want to proceed. If you have decided on Chapter 7 bankruptcy, the process is generally straightforward.
Gather information: First, you will sit down with us to discuss your current financial situation. Once we get the information we need, we will review it all and put together a presentation for the court. We will review the information with you and, if you approve, file it with the court.
Creditor’s meeting: Roughly one month later, there will be a creditor’s meeting in which we will meet with the bankruptcy trustee. The trustee will identify the parties involved and ask you a few basic questions to make sure you understand what’s going on. The meeting is generally done in 10 minutes.
Discharge order: In most cases, that is the end of your participation in the bankruptcy process. Two months after the creditor’s meeting, the court will issue a discharge order declaring that you are no longer responsible for the debts owed to those creditors. They will no longer be entitled to contact you or make any efforts to collect that debt.
Exposed Assets & the Means Test
Chapter 7 bankruptcy is the right choice in many cases. There are two reasons why you might need to pursue a different form of relief. First, you may not qualify under what is called the “means test.” Only people with an income that falls below a certain level (the median income in Louisiana) can qualify for Chapter 7 relief. The other reason to avoid Chapter 7 is if you have assets that would be exposed to liquidation that you prefer to protect.
Certain property that is not exempt from bankruptcy can sometimes be protected. If you can keep up with payments on property that is collateral on a secured debt, and are willing to reaffirm those debts, you may be able to protect property that would otherwise be sold as part of the bankruptcy.
Choose Andress | Inzina to Protect Your Rights in Bankruptcy
Bankruptcy should help you get out from under the strain and worry of debt problems. It is meant to provide relief, not more stress. At Andress | Inzina, we are committed to helping our clients get a fresh start, free from crushing debt. We work to make the process as clear and easy as possible. We handle every aspect of your bankruptcy while making sure you are still in control of your financial future.
To schedule a free consultation at one of our convenient South Louisiana locations, please contact us online or call us today.