Chapter 7 bankruptcy is the “fresh start” form of bankruptcy involving the elimination of all or a portion of debt. Certain debts cannot be eliminated such as child support, alimony, student loans and most taxes. Most individuals are concerned with keeping their home, vehicle and personal property; generally, as long as there is little equity and any loan payment is current, you will be allowed to do so. The costs associated with filing a Chapter 7 bankruptcy are court fees, filing fees, credit counseling fees and attorney fees.
Our attorneys at Jeff Field & Associates focus on protecting your most valuable possessions – your home, your vehicle, your personal property – from foreclosure and repossession. Our lawyers have more than 70 years of combined experience handling bankruptcy cases, and have helped thousands obtain the relief the needed. Let us help you get back on your feet and put an end to your financial problems.
What is the “means test”?
Under the Bankruptcy Abuse Prevention and Consumer Protection Act, in order for a debtor to qualify for Chapter 7 Bankruptcy, the applicant must pass a “means test.” Basically, it is the first determination as to your eligibility to file a Chapter 7 bankruptcy.
What are some types of debt that can be discharged in a chapter 7?
What are some types of debt that cannot be eliminated in a Chapter 7 bankruptcy?
Some examples are:
Sometimes recently incurred credit card debt cannot be discharged.
How long does a Chapter 7 case last?
A Chapter 7 case usually takes 4 to 5 months to complete.
How long does a Chapter 7 bankruptcy remain on my credit report?
A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of filing.
From offices conveniently located in Athens, Douglasville, Gainesville, Lawrenceville, Marietta and Scottdale, Jeff Field & Associates is able to help people throughout the Atlanta metropolitan area and beyond. To schedule an appointment call 404-381-1278 or contact us online. Jeff Field & Associates represents clients in Rome, Atlanta, Gainesville, Newnan, Macon and Athens. Please visit our Blog site to view posts by our attorneys for additional information about bankruptcy and a variety of other topics we hope you will find interesting and helpful.