St. John Chapter 7 Bankruptcy Attorneys
Helping Clients in St. John get a Fresh Financial Start with Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of consumer bankruptcy in the United States. Known as “straight bankruptcy” or “liquidation bankruptcy,” Chapter 7 cases help individuals and households address crushing personal debt in a straightforward and relatively quick process. Often, within three to six months, filers can start over with a clean financial slate, ending the stress that comes with unmanageable debt.
While Chapter 7 can discharge your unsecured personal debts, some people may have to give up certain property and assets in exchange. Some people also might not qualify for Chapter 7, as this type of bankruptcy is not for high earners. If you are looking for debt relief, you should discuss all of your bankruptcy options with a skilled St. John Chapter 7 bankruptcy attorney as soon as possible.
Deciding to File Under Chapter 7
Chapter 7 bankruptcy can provide you with the discharge of the majority – or all – of your debts, often requiring little in return. Chapter 7 does not require a repayment plan like Chapter 13, as the bankruptcy trustee will seek to liquidate nonexempt property to pay creditors instead. However, many people have little to no nonexempt property, and the right bankruptcy lawyer can apply available exemptions in a manner that protects the maximum amount of assets and property. If you have too much property and assets you want to protect, Chapter 7 might not be for you.
Even if you decide to file for Chapter 7, you must pass the “means test.” This test compares your household income to the median income for a similarly-sized household in your state, as reported each year by the Department of Justice (DOJ). If your income is lower than the state median, you pass the means test. If not, your lawyer can assist you in deducting qualified expenses, such as mortgage payments and child support, to prove you do not have the disposable income to make payments toward your debts. If you still do not pass the means test, you can file under Chapter 13.
Handling Every Step of the Bankruptcy Process
If you qualify for Chapter 7, our legal team will navigate the bankruptcy process for you, including:
- Preparing and filing all necessary documentation
- Ensuring that creditors comply with the automatic stay, which halts all collection attempts and legal action
- Representing you at your 341 Meeting, also known as the Meeting of the Creditors
- Ensuring you receive a successful discharge of debts whenever possible
Schedule a Free Consultation with an Experienced St. John Chapter 7 Bankruptcy Attorney
Filing for Chapter 7 bankruptcy in St. John is a big decision that can give you significant financial relief. You want to make sure you have the right legal support and assistance, so you have the best chance at a successful discharge. The legal team at the firm of Kevin M. Schmidt, Attorney at Law, is ready to help. Contact us to schedule an appointment and learn about your options today.