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  • Our Chapter 7 fee is a Flat rate of $1,500.00 due prior to filing the petition.

Chapter 7 bankruptcy is a simple way to quickly eliminate all or most of your debt. There is not a repayment plan and a discharge is achieved in approximately 6 months. See our Chapter 13 section for a comparison. When a debtor is discharged from a Chapter 7 bankruptcy it is possible for them to be 100% debt free. There are of course exceptions to every rule. The first exception is secured debt (debt backed by collateral). Debtors with houses subject to a mortgage or cars that have liens can keep their house or car if they keep the mortgage or car payment. The other exception is for certain non-dischargeable debt. Debts that typically cannot be discharged include tax debt, child support and student loans. Debts that are dischargeable include credit card debts, medical bills, and personal loans. Secured debt can be discharged if the debtor wants to give up the collateral.

In bankruptcy, either chapter 7 or 13, a debtor may not get to keep all of their property. Each state has a series of laws that tell us how much a debtor can keep. If the debtor's property exceeds the amount that the law says they can keep then the debtor may have to give up that property, which will be sold and used to pay the creditors.

Not everyone can qualify for Chapter 7 bankruptcy. High income earning debtors may have to file Chapter 13. The "Means Test" typically determines if someone can qualify for a Chapter 7. Essentially the test compares the debtor's income to their monthly expenses. If there is too much money left over after the expenses are paid then the debtor may need to be in a Chapter 13.

The process for Chapter 7 in our office is typically as follows: 1)You and the attorney have a consultation. This consultation lasts about an hour. We try and determine if bankruptcy is right for you and we look at what property you would likely be able to keep if you file. You are also given a checklist of documents you will need to provide if you want to file; 2) The clients collects all required documents and completes a credit counseling course and provides all documents and the fee to the attorney; 3) The attorney begins preparing the petition and will likely be in communication with the client to gather more information as needed; 4) The attorney meets with the client to review the petition and make changes. This takes about an hour, maybe more if many changes are needed; 5) The attorney files the petition and the debtor completes another session of credit counseling; 6) notices of the bankruptcy are mailed out to all of the creditors; 7) The client is assigned a date for a 341a meeting. This is a meeting where the trustee and/or the creditors may ask the client questions about their finances; 7) the client and the attorney attend the 341a meeting; 8) The attorney may need to make amendments to the petition or provide documentation to the bankruptcy trustee; 9) The debtor is discharged and their case is complete.

  For more information regarding a chapter 7 bankruptcy or to discuss options for your financial situation, call our office for a FREE consultation.

704-663-0772

CHAPTER 7 BANKRUPTCY