Using Chapter 7 Bankruptcy To Get A New Start
If your financial obligations have become unmanageable, and you have no reasonable prospects of repaying your creditors, a Chapter 7 bankruptcy filing (also known as liquidation bankruptcy) may be the answer you need to get a new start. However, under the 2005 bankruptcy laws, it is much more difficult for consumers to qualify to file for protection under Chapter 7. You need an experienced bankruptcy lawyer who can help you identify your options and make informed decisions that are in your best interest.
Our attorneys at Bertolini, Schroeder & Blount, Attorneys at Law, have over 85 years of combined experience successfully processing bankruptcy filings in the Omaha metro area. We have a well-earned reputation for delivering high-quality, personalized service to our community. You can always count on us to respond promptly to any question and to always keep you updated on the status of your case. To schedule a free initial meeting, contact our offices or call us at 402-982-4237.
Your Rights In A Chapter 7 Bankruptcy Filing
When you file for protection under Chapter 7, your creditors must immediately cease any efforts to collect a debt from you, whether through phone calls, letters or legal actions. If you qualify for protection under Chapter 7, you will be allowed to completely discharge certain debts. You may continue to own nonexempt assets which may include your house or principal residence, a motor vehicle and retirement assets. As a general rule, unpaid child support, alimony, student loan payments and some types of taxes may not be discharged.
To qualify for Chapter 7 bankruptcy, you must submit to a “means test.” The bankruptcy court will look at your last 6 months of income to assess whether you have the means to repay your creditors over a three- to five-year period. If so, your only recourse in bankruptcy will be under Chapter 13.
What To Expect In A Chapter 7 Bankruptcy Filing
When we represent you in a Chapter 7 bankruptcy filing, we make sure all required documents are completed accurately and submitted on time. We will represent you at the first meeting of creditors. We will help you conduct your means test before you file to determine whether you qualify for Chapter 7. We will make certain that you know which debts can be discharged and that all exempt assets are protected from the sale (we have extensive knowledge of Nebraska’s specific laws governing which assets you can keep in a Chapter 7 filing).
Contact Bertolini, Schroeder & Blount, Attorneys at Law, For Guidance Through Chapter 7 Bankruptcy
Contact us online or call our 24-hour answering service at 402-982-4237 to schedule a free office consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.