Chapter 7 Bankruptcy
Charlotte Chapter 7 Bankruptcy Attorney
The specter of debt can loom at the back of your mind for months causing stress, tension and anxiety. Maybe you even hesitate to answer the phone knowing that it's likely to be a bill collector on the other end. But if you've tried to pay your debts and found that they are just too overwhelming, then it's time to seriously consider filing for bankruptcy.
For a free initial consultation with The Cummings Law Firm, P.A., you can contact a Charlotte Chapter 7 bankruptcy lawyer online or call (704)512-0697. Attorney Sandra U. Cummings has handled bankruptcy cases exclusively for more than 30 years. She has handled thousands of cases along the way, helping many people obtain relief from credit card debt, medical debt and other types of debt.
Read about the steps to filing for bankruptcy.
Chapter 7 Means Test
You will be required to undergo a means test to determine if you are eligible for Chapter 7 bankruptcy. The means test will consider your income compared to the median income in your geographical area. If you do not qualify under the means test, Chapter 13 bankruptcy will become your next option. A skilled Gastonia means test attorney from our law firm can answer any questions you may have about this.
Some Facts About Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is also called a "debt liquidation," a "fresh start" or a "straight" bankruptcy. The name "liquidation" refers to the fact that those who file for Chapter 7 bankruptcy have to liquidate, or sell, all of their "nonexempt" assets. Exempt assets do not have to be sold, and they are generally things that the Bankruptcy Court considers necessary for the survival of the bankruptcy petitioner and his or her dependents. These are outlined by state statute and federal law. The property of most individuals we talk to is exempt and will not need to be sold by the trustee.
From the instant you file for Chapter 7 bankruptcy, the judge issues an "automatic stay." This is an immediate order to all of your creditors notifying them that you have filed for bankruptcy and that it is illegal for them to make any further attempts to collect on the debt you owe. If your creditors continue to harass you after the automatic stay is issued, you may be able to sue them under the Fair Debt Collections Act (FDCA).
Free Consultation With a Gastonia Means Test Lawyer
Do you have questions about the means test to qualify for Chapter 7 bankruptcy or any other bankruptcy questions? For a free initial consultation regarding your bankruptcy, contact The Cummings Law Firm, P.A., today online or over the phone at (704)512-0697.
