Hammonton Chapter 7 Bankruptcy Lawyer
Do you feel like debt is taking over your life? It’s likely that you are struggling to manage things such as your car payments, mortgage, credit cards and more. Chapter 7 debt is designed to make your life easier. The debt collectors will stop blowing up your phone right away. Our bankruptcy attorney in Hammonton NJ is here to help you start the process. Call today!
The Fresh Start Chapter 7 Bankruptcy Offers
We strongly encourage people in dire financial situations to file for chapter 7 bankruptcy because it will help you wipe away a lot of your debt. You get to create a fresh start. Please understand that you are going to have to be eligible for chapter 7 bankruptcy.
Our bankruptcy attorney in Hammonton NJ will guide you through the process of beginning to clear up your debt. We want you to be very sure that you want to go through with this because bankruptcy, while being a very powerful tool, is something you don’t do lightly.
If you decide that you want to file for chapter 7 bankruptcy, please call our bankruptcy attorney in Hammonton NJ right away. We will get started immediately once we determine that this is the right step for you.
How Do You Qualify for Chapter 7 Bankruptcy?
You will go through a means test to begin, which is just a basic analysis of your debt to income ratio. Chapter 7 bankruptcy is not the right choice for everyone, but if your debt to income ratio fits the needs for chapter 7, you will be able to file. If you’re in a lot of debt but you do not have a huge income, then chapter 7 bankruptcy is likely a good choice for you. If you have a very large income, then chapter 13 may be more appropriate for you.
Filing for Chapter 7 is a good option if you need immediate relief from your debt. Debts that you shouldn’t expect relief from are things such as taxes and student loans. Our bankruptcy attorney in Hammonton NJ is here to help you through this process.
Do You Lose Everything You Own?
It is very common for people to be worried that they’re going to lose everything they own when they file for bankruptcy. That is not what is going to happen. Yes, some of your assets are going to be liquidated. Assets that ARE protected from liquidation include:
- Furniture/ home decor
- Your car and home (you have to a certain amount of debt – check with your lawyer)
The Chapter 7 Bankruptcy Process from Start to Finish
To head off the discussion of the process of chapter 7 bankruptcy, please note that you cannot file for chapter 7 twice within an eight-year time frame. If you have previously filed chapter 13, you cannot file chapter 7 within the same six-year time frame.
The means test is something you need to do before you file, again the test determines your eligibility. Once you’ve been determined to be eligible and begin the filing process, you will be asked to show some documentation, and there will be fees to send to the court. The documents you may want to begin collecting include:
- A list of your debts
- A list of all of your assets
- Proof of all income
- Summary of all of your finances
Once you have filed your petition, you will have something called automatic stay granted to you. What this does is it immediately halts the harassment from debt collectors. Your phone will finally quiet down.
An estate will shortly thereafter be set up. It is made up of any of your assets that will be eligible for liquidation. These assets will be used to repay some of your debt.
Any questions or concerns about this process can be brought to your bankruptcy attorney in Hammonton NJ.
Next, you will have a trustee assigned to your case who is there to handle the meeting with your creditors. Under oath, you are going to be answering questions for both your trustee and your creditors. The questions will be about the debts. This meeting is designed to determine your reason for filing chapter 7 bankruptcy, and they will decide whether your reasons are legitimate. They are trying to weed out people who are trying to abuse the bankruptcy process.
Do not hesitate to reach out to us right away if you have concerns or questions about the process. We are here to help guide you every step of the way.