CONSIDERING CHAPTER 7?

Filing for Chapter 7 bankruptcy can feel overwhelming but it does have to. Let Second Chance help you navigate the complex world of debt relief.

CONSIDERING CHAPTER 7?

Filing for Chapter 7 bankruptcy can feel overwhelming but it does have to. Let Second Chance help you navigate the complex world of debt relief.

All people are equal before the law. A good attorney is what makes a difference.

All people are equal before the law. A good attorney is what makes a difference.

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learn more about chapter 7

Chapter 7 bankruptcy is the simplest, quickest, and most common type of bankruptcy. Through this process, you may be able to liquidate your assets to pay creditors, after which any remaining debt is eliminated or “discharged”.

Chapter 7 bankruptcy is a powerful tool for American consumers who have fallen on hard times and need a fresh start. If you find yourself in a position where you no longer have the means to afford your monthly payments and living expenses, filing for Chapter 7 bankruptcy could be a viable option and an opportunity for a financial reset. Of course, there are pros and cons to consider, so it’s important to speak with a professional and understand the options available to you.

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BANK & FINANCIAL LAWYER

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TEAM MEMBER

BANK & FINANCIAL LAWYER

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READ PROFILE

TEAM MEMBER

BANK & FINANCIAL LAWYER

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F.A.Q’s

WHAT IS BANKRUPTCY?

Bankruptcy is a legal tool designed to provide a fresh start to individuals or businesses who have become overwhelmed with debt. The process involves eliminating all or a portion of the debt, while simultaneously providing creditors an opportunity for repayment. Bankruptcy laws were written to provide a second chance to people whose finances have collapsed, whether due to bad decision-making or bad luck.

HOW DOES BANKRUPTCY WORK?

Bankruptcy is a legal process involving the examination of the assets and liabilities of individuals or businesses who have more debt than they can afford to pay. A determination is made regarding how those debts will be repaid or discharged. Filing for bankruptcy prevents creditors from attempting to collect on debts outside the process of the bankruptcy filing itself. The process is overseen by federal bankruptcy courts, and the rules are outlined in the U.S. Bankruptcy Code. There are various types of bankruptcy, commonly referred to by their chapter within the U.S. Bankruptcy Code, the most common of which is Chapter 7. Bankruptcy can be a complex process and there are certain eligibility requirements that must be met. 

WHAT WILL BANKRUPTCY COST?

The overall cost to file for bankruptcy varies depending on a number of factors. To start, all bankruptcy filers must pay a fee to file a petition to the court. This fee is fixed at $335 for Chapter 7 filing and $310 for Chapter 13. 

In addition, filers are typically required to take part in credit counseling and/or complete a personal financial management course, ranging in price from $20-$100. 

Attorney fees account for a large portion of the overall cost of filing for bankruptcy. While you may choose to file “pro se”, or without the assistance of an attorney, it is not advisable as this route provides a much lower rate of success. Attorney fees can vary widely, depending on who you hire, where you live, and the complexity of your case. 

There are a number of additional factors that may increase the cost of filing for bankruptcy; such as if you are filing for business bankruptcy in addition to personal bankruptcy, previous bankruptcies, having multiple streams of income and having an extensive number of creditors.

IS MY HOUSE SAFE DURING BANKRUPTCY?

Most people that declare bankruptcy are able to keep their homes throughout the process, but some are not. There are a few factors that determine the probability of keeping your home during bankruptcy proceedings:

  • The type of bankruptcy you file
  • The amount of equity in your home
  • Whether or not your mortgage is current and if you’ll be able to continue making the payments after bankruptcy

If you’re caught in a financial downfall, it may seem like there is no way to improve your situation. We can help you identify the best steps to take, even if you’re facing the prospect of losing your home.

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