Chapter 7 Bankruptcy
Sometimes filing for bankruptcy is a family’s best – if not only – option for dealing with unsustainable insolvency. If you’re considering filing for debt relief, you’re in good company: millions of Americans file for Chapter 7 bankruptcy every year and get a fresh lease on their financial lives, including relief from unsecured debt like credit card bills, medical expenses, and past-due utility payments. Filing for bankruptcy will put a temporary halt to any foreclosure or repossession proceedings that may be underway and also prevent creditors or collections agencies from contacting you except through the bankruptcy court. What’s more, there are often ways that families who are filing for Chapter 7 bankruptcy can legally avoid losing their homes or their personal vehicles.
Traditionally, Chapter 7 bankruptcy is known as liquidation. Liquidation involves selling an individual’s assets and then using the proceeds from this sale to pay creditors; however, in practice, most individuals filing for Chapter 7 bankruptcy aren’t required to sell any property at all. We can advise you about what’s involved in filing for bankruptcy and what you can do to protect your home, vehicle, and other assets from liquidation or repossession. In any case, it’s important that you and your family don’t base your decision to file bankruptcy on the advice of friends or relatives alone. Only a knowledgeable bankruptcy attorney can tell you if you are eligible for Chapter 7 and what assets, you may be expected to sell when filing.
At Hernandez and Schapiro, Inc. – Attorneys At Law, we help clients file for debt relief under the terms of the federal Bankruptcy Code. No matter how dire your financial circumstances may be, don’t assume that your situation is hopeless until you talk with us first. Contact us to schedule a free initial consultation and take the first steps in moving you and your family toward a better financial future. We are happy to work out a payment plan for you if you are unable to pay for our services in full at the time you file.