FAQ 1. What is Chapter 7 Bankruptcy?
Filing Chapter 7 bankruptcy is a also known as the ‘fresh start’ bankruptcy because it provides an opportunity to get just that: a fresh start to begin rebuilding your life and your credit immediately. When you file a Chapter 7 you liquidate your assets and wipe out all your dischargeable debt. When you file for Chapter 7, an order called the ‘automatic stay’ immediately prohibits most creditors from pursuing collection efforts so you can say goodbye to unwanted, predatory phone calls. Additionally, in most cases you can keep your vehicle and home as long as there is not excess equity above state or federal exemption laws.
FAQ 2. What Can I Keep if I File for Bankruptcy?
When you file for bankruptcy, a trustee is appointed to take control of all of your assets and determine if any asset can be used to pay creditors. However, the bankruptcy code also allows you to keep certain categories of exempt property. The exemptions are slightly different depending if you elect to use state or federal rules. Depending on your assets, one set of rules can be advantageous over the other. Our skilled team will evaluate both options and explain which set of exemptions allows you to retain the most value in your assets. Some common state and federal exemptions if you file single include:
FAQ 3. What does the Process of Filing for Bankruptcy look like?
Step 1: Meet with Attorney Foster and his support staff to determine if you qualify for chapter 7 bankruptcy. This will be assessed during your initial consultation, during which together we will review your family’s income, household size and assets, and other relevant considerations. Once we decide to work together, we will gather your specific financial information. Most of the information we need can be gathered by a simple credit report.
Step 2: Once our office gathers the required information, we will begin preparing your bankruptcy petition. A typical petition will take thirty to forty-five days to complete. As soon as the petition is filed, your creditors must stop harassing you.
Step 3: Once a trustee is appointed by the court, they will set a date for a creditors meeting. This is called a 241 meeting. Notice of the meeting will be sent to your creditors alerting them that you have filed for bankruptcy. This meeting will take place with a U.S Trustee appointed by the U.S Bankruptcy Court thirty days after the filing of your petition. At the meeting you will be asked some questions by the trustee and your creditors if they show up.
Step 4: Discharge will typically take place three months after filing of the petition.
FAQ 4. What happens to my Credit when I file for Bankruptcy?
While the bankruptcy can remain on your credit report for many years, our clients typically see their credit increase within twelve to eighteen months of receiving a discharge.
FAQ 5. Why choose Eric Lindh Foster Law to Represent you?
In today’s economy, many families and business owners are struggling financially. At Eric Lindh Foster Law, our skilled bankruptcy attorney Eric Lindh Foster is here to ease your burden by guiding you through each step of the debt relief process. We understand the strain that results from dealing with crippling debt and are here to fight ardently to make sure you get the fresh start you deserve.
Our firm prides itself on our devotion in helping individuals file for Chapter 7 bankruptcy. Our diligent managing partner Mr. Foster is committed to thoroughly reviewing your financial situation to determine whether bankruptcy is best suited to your needs and getting you back on your feet financially. For both individuals and businesses, we first ascertain whether bankruptcy is in your best interests and, if so, guide you through the process.
Have more questions? Ready to set up an appointment? Call our staff at (203) 533-4321 to find out how we can help you.