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There is Assistance Available for Those Who are Drowning in Debt. By Far the Most Common Form of Consumer Bankruptcy is Chapter 7.
Alan Verson Attorney At Law will guide you through the Chapter 7 procedure and advise you on the best course of action. Whatever your case may be, you can always rely on Alan Verson to provide you with sound legal advice that will assist you in resolving your debt issues. It's important to examine the client's debts as well as the types and amounts of property he or she owns.
Chapter 7 bankruptcy isn't appropriate for everyone who is experiencing debt.
A Chapter 7 proceeding has two significant drawbacks. For starters, there is a family size-based income threshold. Most people fall below this line, but you won't be able to file a Chapter 7 bankruptcy if you are above that threshold. Second, though Chapter 7 will halt the foreclosure process momentarily, it will not stop it indefinitely.
There are many benefits of filing for Chapter 7 bankruptcy with Alan Verson:
- Help to analyze your debt
- Determining your property exemptions
- Assuring your eligibility for Chapter 7
- Reaffirming your secured debts
- Assistance filing all the necessary Chapter 7 forms
What is Chapter 7 bankruptcy and how does it work?
Upon completion of Chapter 7 Bankruptcy filing, your legal responsibility for debts are eliminated. However, certain kinds of debts are non-dischargeable, such as alimony, child support, student loans, and unpaid taxes. Furthermore, even though Chapter 7 bankruptcy eliminates the debt's underlying personal responsibility, it does not preclude a secured loan such as a mortgage or auto loan. In the vast majority of cases, people will file for Chapter 7 bankruptcy and keep all of their assets, including their house.
One of Attorney Alan Verson's primary goals in evaluating each client's condition and drafting the bankruptcy petition is to achieve this. Following the filing of the petition, a Trustee holds a short hearing. A judge is rarely called upon to hear a Chapter 7 bankruptcy appeal.
Keep Your Property and Assets
Even if there is significant equity, it is usually possible to hold the house and all other personal property. It is necessary to delete and discharge a former creditor's attachment of your home in Chapter 7 to eliminate the lien. Reviewing the types and amounts of property owned by the client and attempting to retain all of that property is a critical part of the bankruptcy attorney's job.