Chapter 7 Lawyers in Fayetteville, AR Working Through Debt Relief With You
Have you been overwhelmed by debt to the point where creditors are relentlessly pestering you? Take a stand and take back control of your financial future. With Fayetteville Chapter 7 Bankruptcy Attorneys, you may be able to file for Chapter 7 bankruptcy, so that you can finally get some much-needed relief. Our attorneys will help empower you with knowledge on how best to manage the process and handle any potential legal issues along the way!
Chapter 7 bankruptcy is the best way to get rid of your debt in Fayetteville. This kind of bankruptcy lets you erase all your debts, except for a few like taxes, student loans, and things you have to pay for support. It gives you a chance to start over.
What debts can you clear with a Fayetteville Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can help you get rid of debt from things like:
- Credit card debts
- Unsecured loans
- Medical bills
- Judgments/Law Suits
- Tax Penalties and Unpaid Taxes Over 4 Years Old
Some people think that if they file for Chapter 7 bankruptcy, they have to sell all of their stuff to pay their creditors back. But this is not true! The law protects your assets, up to a certain amount.
Filing Chapter 7 bankruptcy might help you if you want to be financially free. An attorney can help make sure that you don’t lose any of your possessions. You can keep everything you own. Contact an experienced Chapter 7 lawyer today!
You will be happy to know that you can get rid of your unsecured debts and still keep your belongings. Once you’re caught up on your mortgage and car payments, it’s possible for these assets to stay in your possession – no questions asked!
Every instance is different, so speak with a lawyer who knows a lot about chapter 7 bankruptcy law to see how it can help you, your family, and what you own.
Chapter 7 is for people who make too much money. You will find an attorney who knows how to use the laws so they work best for you.
If you thought you could not qualify for Chapter 7 bankruptcy, finding out that you can is often a big relief. As soon as your case has been filed, the pressure of debt melts away and you are well on your way to complete debt relief.
It is a good idea to hire a lawyer to help you make legal decisions for yourself or your business. A lawyer’s skills and experience can help you make better choices.
What can you Keep in Chapter 7?
Are you worried about having to list all your belongings for your Chapter 7 or 13 bankruptcy case? Don’t worry! Everyone has to list everything they own, whether it’s real estate or personal property.
Most people can protect their property and get rid of debt without worrying about creditors, or people they owe money to. There is a limit to how much is protected, but it is usually below what people own. This makes them able to get rid of debt in bankruptcy.
If you have property that you are using as collateral for a loan, most of the time you can keep the property and continue to pay for it. For example, you might have a mortgage on your house or a car loan.
Your retirement accounts are usually safe from being taken away. This means you should not use your retirement money to pay off debt. You can talk to someone who knows the laws about this before making a decision.
Some of the property that is protected if you file for Chapter 7 bankruptcy includes:
- Equity in your home
- Equity in a vehicle
- A burial plot
- Personal property like clothing and jewelry, books, musical instruments, and pets
- Health Aids
- Crops and animals
- Household items including appliances, furniture, etc
- Tools, books, and implements required for your employment referred to as “tools of the trade”
- Child support payments
- Most life insurance policies
- Retirement accounts
- Wrongful death awards and personal injury awards
- Public assistance, Social Security, disability benefits, veterans’ benefits, and unemployment compensation benefits
You might have heard that if you file for Chapter 7 bankruptcy, you will lose all your stuff. But that’s not true! You usually get to keep everything you need to live your normal life, without the debt.
How Chapter 7 Bankruptcy Works
Chapter 7 Bankruptcy usually works like this:
You will meet with your Fayetteville chapter 7 bankruptcy attorney and fill out some paperwork. This paperwork will include a list of all your assets, all your debts, your current income, and other information.
In the paperwork, you must also write down if there are any money obligations that you want to keep. This means that you would like to keep paying for it instead of getting rid of it.
People usually reaffirm home mortgages and car loans. If you want to keep your house or car, you will need to reaffirm the debt and keep making payments on those items.
Before you can file your case, you need to finish an instructional class called Credit Counseling. You don’t have to go to a physical classroom for this.
You can finish the class about getting a divorce online or over the phone. The class only takes a few minutes. Your lawyer will usually have a place that they want you to use to take the class.
Upon completion of all the necessary paperwork and your Credit Counseling course, have your attorney file your case. Everything is filed electronically in bankruptcy cases; a computer-generated trustee and judge are then assigned to manage the proceedings after filing is complete.
If you file for bankruptcy, you have to go to a meeting with your trustee. This meeting is called the “Meeting of Creditors” because your trustee gets to ask you questions about your bankruptcy case and creditors also get to question you.
Do not worry if a creditor asks you questions at the meeting. This does not happen often and only happens when there is a complicated debt or issue in the case. Most bankruptcy filers have regular debt like medical bills and credit cards, and will only need to answer a few simple questions from the trustee.
After you file your case, you will need to agree to any reaffirmation agreements. Once you attend the Meeting of Creditors and answer any questions, you are finished! The creditors and trustee have a specific amount of time to object to your discharge. But once their period is over, the judge will enter in a discharge order; erasing all debts from your slate permanently. Of course, there are other tasks that need completing before filing for bankruptcy under Chapter 7; however this should give one an idea about what happens throughout the process.
Find Out if Chapter 7 Bankruptcy Is Right for You
If you’re looking for a way to improve your finances, Chapter 7 of the law may be the best option for you. At wh Law, we specialize in helping people with their debt problems. Our team is here to help you every step of the way. When times get tough, our lawyers are ready to provide guidance and support so that you can achieve financial freedom without any hassle. Contact us today if you want more information on how we can help!