Unpaid debt can lead to serious financial issues, and should be handled with due care and consideration. For many individuals, filing bankruptcy is the best way to resolve debt and start fresh, and our attorneys at Wadhwani & Shanfeld can help you through it. With over 40 years of legal experience, our firm has the knowledge necessary to guide you through each step of the bankruptcy process, from determining your eligibility to helping you retain important assets. Turn to a firm you can trust, and rest easy knowing your financial future is secure.
Speak with our legal team and learn all about your financial relief options at (800) 996-9932!
What is Chapter 7 Bankruptcy?
The most common form of bankruptcy, Chapter 7, can help you liquidate your assets in order to receive full forgiveness for outstanding debts. The debts eliminated through Chapter 7 are called unsecured debts, and may have been accrued through credit card debt, medical bills, personal loans, or payday advances. Also called liquidation or straight bankruptcy, Chapter 7 takes as little as four months, and may allow you to retain certain assets, like your home or car. Chapter 7 bankruptcy is a very straightforward process, and it is usually considered the simplest form of bankruptcy.
Qualifying for Chapter 7
Eligibility for Chapter 7 bankruptcy is determined by a means test, which examines a person’s average gross income for the 6 months prior to filing bankruptcy. If someone makes less than the average income of their state, they will qualify for Chapter 7. Those who do not qualify for Chapter 7 are considered capable of repaying their debt through Chapter 13 bankruptcy or another repayment method.
Exempt Property and Bankruptcy
For most individuals, the primary concern with filing bankruptcy is whether or not they will lose their home. With Chapter 7, it is possible to retain possession of your house, especially if it is considered an exempt property. You may also be able to retain essential possessions, like cooking utensils, bedding, and even benefits or retirement funds.
Find Your Debt Resolution, Today
If you think Chapter 7 bankruptcy may be an option for you, contact Wadhwani & Shanfeld to speak with one of our attorneys. As we being the process to your financial resolution, we will need to file a petition, along with several forms regarding your properties, income, expenses, and total debts.
To speak with our experienced bankruptcy attorneys about your financial options, contact Wadhwani & Shanfeld or call for a free consultation.