Also referred to as liquidation bankruptcy, Chapter 7 can help you and your family effectively eliminate debt and move forward with a fresh start. Our lawyers have over 65 years of legal experience, during which time we have helped with more than 10,000 bankruptcy cases. We are passionate about helping our clients reconfigure their finances to effectively get out from under mounting debt once and for all.
If you are interested in filing Chapter 7 bankruptcy, contact our legal team for a free case evaluation.
Understanding Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most commonly used method of bankruptcy because it can enable you to seek relief from all of your debt. In order to so, the filer must trade certain assets to make up for the debts, which is why it was given the name liquidation bankruptcy. While you may seek to retain certain possessions, like your home or vehicle, every situation is different. Which assets you liquidate will depend on your financial situation, the debts you owe, and your own personal preferences. One of the biggest advantages to Chapter 7 bankruptcy is that the process is short, sometimes taking as little as 4 months.
The types of debt Chapter 7 can help you relieve may include:
- Personal loan debt
- Credit card debt
- Outstanding medical bills
- Payday advances
Finding the Right Debt Relief Option for You
In order to qualify for Chapter 7 bankruptcy, you must pass a means test. The means test evaluates a person’s income in proportion to the average in their state and will determine whether they are able to pay off their debt by any other means. If you demonstrate you cannot pay off your own debt, you “pass” the means test and are eligible to file Chapter 7 bankruptcy.
Let Our Bankruptcy Attorneys Help
At Wadhwani & Shanfeld our lawyers have the experience and knowledge necessary to successfully help you choose the best option for your debt relief. If you are considering Chapter 7 bankruptcy as an option but aren’t sure if it’s the best one for you, we are here to advise you and provide you with honest feedback and guidance. Our goal is to see you living a debt-free life and we are confident in our ability to establish your financial freedom, either through Chapter 7 bankruptcy or another means of debt relief.
Contact Wadhwani & Shanfeld to get started with your Chapter 7 bankruptcy claim today!