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Chapter 7 bankruptcy may eliminate most types of unsecured debts, such as credit cards; medical bills; most personal loans; judgments resulting from car accidents; and deficiencies on repossessed vehicles.  If your house and car payments are current, you may be able to keep your home, car, and personal belongings, but eliminate your debt; that is our goal with Chapter 7.

Eligibility to file a Chapter 7:

People typically choose Chapter 7 bankruptcy because they currently have a low income and do not have a large amount of assets they need to protect. There are two primary requirements for eligibility that everyone should know.

1.       The first is a “means test”, which is where the bankruptcy court will look at your income for the past six months, along with your family size.  If you fall under the income limits provided by the bankruptcy laws, you may be eligible to file a Chapter 7.

2.       The second requirement is whether you have filed previous bankruptcies.  If you have received a Chapter 7 discharge in the past, you must wait eight years to file another Chapter 7.  However, you may file a Chapter 13 after four years from the previous Chapter 7.  Many of the people who contact our law office are pleasantly surprised to find that they are eligible for Chapter 7 relief. Where a Chapter 7 bankruptcy is not a possibility, we can often help people by filing for Chapter 13 bankruptcy.

Timeline of a Chapter 7:

The first step is to come into our office for a FREE consultation.  Our experienced bankruptcy attorneys will sit down with you face to face.  They will evaluate your debt and income situation as well as provide you with options for your unique situation.

After that consultation, if Chapter 7 Bankruptcy is right for you, you will work with our office to prepare your bankruptcy petition.  We will then carefully review your case and ensure that we have all the necessary documents to provide to the Court.  Once everything is in order, we will then file your case.  After your case is filed you can expect to attend a bankruptcy conference with your assigned Chapter 7 Trustee.  This meeting is informal, and is not in a courtroom or in front of a bankruptcy Judge.  Within two or three months from the meeting you can expect to receive your discharge.  A discharge is the court order that eliminates your legal obligation to pay a debt. 

There are also two online courses that you will need to complete, namely credit counseling and financial management.  One course will be taken prior to the bankruptcy being filed and the second course is taken after the case is filed.

Cost of a Chapter 7 Bankruptcy:

The cost of filing a Bankruptcy case is an important consideration.  At Coggins, Larreau & Lythgoe, PC, we are sensitive to our client’s situation and understand if you had excess funds, you probably would not be calling us for help.  Our attorney fees will vary, depending on the chapter and complexity of your case.  As part of your FREE consultation, we will explain our fee structure to you. 

There are also certain fees associated with every bankruptcy case.

•Filing fees for a Chapter 7 Bankruptcy charged by the court are $299.00 

•Filing fees for a Chapter 13 Bankruptcy charged by the court are $274.00.

•There is also a fee for the Credit Counseling Course and Financial Management Course.  The fees for these courses depend on the provider and can range from $35.00 and up for the first class and $10.00 and up for the second course.

Contact our Bankrkuptcy Attorney today at 801-393-5555