What is a Chapter 7 Bankruptcy?
Unfortunately, there is much misinformation available online regarding a Chapter 7 bankruptcy. Because a Chapter 7 bankruptcy case is referred to as a “liquidation” bankruptcy, many people believe they will lose all of their assets if they file under this chapter of bankruptcy. This is simply not true. Almost all Atlanta Chapter 7 bankruptcy cases are considered “no asset cases” meaning the debtors discharge most or all of their debts while keeping all of their property.
What Does a Chapter 7 Bankruptcy Case Do For Me?
A chapter 7 bankruptcy case gives you the fresh start you need to recover and rebuild after a financial crisis. The reason for this is that most, if not all, of your unsecured debts will be discharged in your Chapter 7 bankruptcy case. This means that discharged debts will be eliminated in full without you paying any portion of the debt owed. Examples of debts that are typically discharged in a Chapter 7 case include:
- Medical bills
- Department store credit cards
- Major credit cards
- Most personal loans
- Payday loans/pay advance loans
- Utility bills (i.e. electricity, cable, internet, cell phone, gas, etc.)
Of course, there are some exceptions to the general rule regarding unsecured debts. If you have debts that cannot be discharged, you may still benefit from filing a Chapter 7 bankruptcy case to eliminate all of your other unsecured debts. Our bankruptcy attorneys can discuss all of your options to help you decide if bankruptcy is your best option to resolve your debt problem.
Remember, the most important thing when you are facing financial trouble is to make sure your family has a safe place to live, food to eat, and the basic necessities. Getting rid of unsecured debts can give you the breathing room you need to pay for living expenses for your family.
How Do I File a Chapter 7 Bankruptcy Case?
The first step is to schedule a free bankruptcy consultation with one of our experienced Atlanta bankruptcy attorneys. Your attorney will discuss your financial situation to determine if a Chapter 7 case is right for you. If you decide to file bankruptcy, our staff will assist you in gathering the necessary information we need to complete your bankruptcy forms. We even pull your credit report, from all three credit bureaus, for you so we can make sure we include any debts you may have forgotten.
When you come to your next appointment, you will review each page with your bankruptcy attorney to ensure all of the information is accurate and complete before you sign the forms. Once the forms are signed, our office takes care of filing the documents with the bankruptcy court to obtain a case number. Your hearing date will be scheduled immediately.
You must attend the 341 Meeting of Creditors scheduled in your case. Your attorney will be there with you to provide support and guidance and you will be prepared before you enter the court room. Most hearings last less than 10 minutes. If your case is a no-asset case (most cases are), you will do nothing more. In about 45-60 days, you will receive your bankruptcy discharge and order closing case.
Most no-asset Chapter 7 cases filed in Atlanta are completed within four to six months from the date of filing, especially those handled by experienced bankruptcy attorneys who understand how to accurately complete the bankruptcy forms.
Everyone Deserves a Safety Net Sometimes
Isn’t it time for you and your family to enjoy life without the crushing burden of debt? As soon as you file your Chapter 7 bankruptcy case, creditors must stop all collection efforts including lawsuits and telephone calls. You deserve to get your finances straightened out without threats and harassment. A Chapter 7 bankruptcy case can give that relief to you.
Contact The Ballard Law Group online or by calling 404-220-9906 for your free bankruptcy consultation. Your fresh start on a better financial path is just a few steps away.