Chapter 7 Bankruptcy May Change Your Life
Chapter 7
Your Path to Financial Freedom with Chapter 7
If you are feeling overwhelmed by medical bills, past-due mortgage payments, credit card bills and other types of debt, filing Chapter 7 bankruptcy may be the answer you need. For those who qualify for Chapter 7, it can make a dramatic and positive difference in their lives. Eligibility for Chapter 7 bankruptcy is determined by a means test and the equity in your assets. However, if you do not meet the criteria for Chapter 7, you will likely qualify for Chapter 13, even if your income exceeds the limits set for Chapter 7.
At Lavery & Sirkis, we are here to guide you through the bankruptcy process in New Jersey. With decades of experience and a compassionate, personal approach, our attorney is ideally equipped to help you find the debt relief solution you seek. Feel free to call our Hackettstown office to set up a complimentary consultation today: 908-850-6161.
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What can Chapter 7 do for me?Chapter 7 offers many potential benefits. As soon as you file, creditors will no longer be allowed to call you, write you, sue you or garnish your wages. It will also put a temporary halt to any home foreclosure proceedings. When the bankruptcy is complete, your unsecured debts (such as medical bills, credit card debt and utility bills) will be erased.
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Will I lose everything I own?No. Chapter 7 almost never requires you to liquidate your assets to repay your creditors. Liquidation only occurs in certain unusual situations. Federal and state exemptions allow you to keep a certain amount of personal property.
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Will it ruin my credit score forever?Contrary to popular opinion, filing bankruptcy won't permanently destroy your credit score. In fact, it probably won't take nearly as long as you think to get approved for credit cards and loans again. Wiping out old debts through bankruptcy can actually improve your credit in some cases because you won't continually be behind in your payments.
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Does everyone qualify for Chapter 7?No, not everyone qualifies. You must pass a "means test" first to prove that your income and assets fall below a certain level. However, even if you make too much money to qualify for Chapter 7, you can file for Chapter 13 bankruptcy instead.
Frenquently Asked Questions about Chapter 7
End the Debt-Related Harassment and Stress Today
If you're ready to learn more about your options for protecting your home, stopping creditor harassment and getting your life back, don't hesitate to call us at 908-850-6161. You can also reach out to us to set up a free initial consultation in person or over the phone.