Soperton Chapter 7 Bankruptcy Lawyer

Filing for Chapter 7 Bankruptcy in Southeast Georgia

Filing for bankruptcy is one way to eliminate debts and regain financial control. There are several different types of bankruptcy, including Chapter 7, which allows you to discharge (eliminate) certain debts in exchange for selling non-exempt assets. Unlike with Chapter 13, you do not have to repay your debts over a certain period of time when you file for Chapter 7 bankruptcy. Instead, eligible debts are eliminated, meaning you are not responsible for paying them. 

At Calhoun Law Firm, we assist clients in Soperton and throughout Southeast Georgia with all aspects of Chapter 7 bankruptcies. From determining whether you are eligible to passing the means test, preparing paperwork, meeting with creditors, and navigating the process, our Soperton Chapter 7 bankruptcy attorney is here to provide the personalized guidance and representation you need.

Get in touch with us today for a free, 30-minute consultation; call (912) 301-4047 or contact us online to get started. 

What Is Chapter 7 Bankruptcy? 

Chapter 7 bankruptcy is a legal process that provides individuals or businesses with the opportunity to eliminate their debts and obtain a fresh financial start. It is often referred to as "liquidation bankruptcy," because a trustee may liquidate certain assets to repay creditors. In other words, non-exempt assets can be sold, and the proceeds may be used to pay creditors. 

To file for Chapter 7 bankruptcy, you must meet certain criteria. Notably, you must pass a means test, which compares your income to the median income in your state to determine if you qualify for this type of bankruptcy. If you do not qualify for Chapter 7, you may qualify for Chapter 13 bankruptcy.  

What Types of Assets Are Considered Non-Exempt? 

Under Chapter 7 bankruptcy, certain assets may be liquidated to repay creditors. 

These assets typically include non-exempt property, such as: 

• Non-primary residences
• Investment properties 
• Rental homes 
• Vacation homes 
• Non-retirement investments
• Valuable collections
• Expensive vehicles 
• Non-essential personal belongings 

Federal and state exemptions protect certain assets from being liquidated, such as a primary residence, a vehicle, and necessary household items. This means that, even if you file for Chapter 7 bankruptcy, you will almost certainly still be able to keep your home, your primary vehicle, and your necessary personal belongings, such as clothes, furniture, essential electronics, and work-related tools. 

What Types of Debts Can (& Cannot) Be Discharged Through Chapter 7 Bankruptcy? 

In terms of debt forgiveness, Chapter 7 bankruptcy discharges most unsecured debts. 

This includes debts such as: 

• Credit card debt
• Medical bills
• Personal loans
• Phone bills 
• Unpaid utilities 
• Deficiency balances 

However, certain debts are not eligible for discharge. This includes student loans, child support, alimony, and certain tax debts. 

How the Chapter 7 Bankruptcy Process Works 

The legal process of Chapter 7 bankruptcy starts with filing a petition in bankruptcy court, which initiates an automatic stay, halting collection actions by creditors. The court then appoints a trustee to oversee the case, review financial documents, and distribute proceeds from the liquidation of assets to creditors. You may also be required to attend a meeting of creditors, where the trustee and creditors can ask questions about your financial situation.

After the bankruptcy process is successfully completed, you receive a discharge, which legally releases you from the obligation to repay discharged debts. However, it's important to note that a Chapter 7 bankruptcy will remain on your credit report for ten years, which can have a significant impact on your creditworthiness. This does not mean that you will be ineligible for new lines of credit—in fact, the opposite is often true. Rather, it means that you may only qualify for higher-interest loans. 

How Can a Chapter 7 Bankruptcy Attorney Help?

A Chapter 7 bankruptcy attorney is a beacon of hope for individuals struggling with financial problems. They not only guide clients through the complex legal system, but also provide crucial advice to help them make informed decisions about their financial future. A bankruptcy attorney is a partner in the challenging journey towards financial recovery, ensuring their clients' rights are protected and offering peace of mind during a strenuous period in their lives.

Here are some of the services that bankruptcy attorneys typically provide to their clients:

• Evaluating Financial Situations: They assess a client's financial condition, analyze their debts, and determine the best course of action.
• Filing for Bankruptcy: If bankruptcy is the best solution, they will prepare and file the necessary paperwork on behalf of the client.
• Guidance Through Legal Procedures: They navigate the complex legal processes involved in bankruptcy, ensuring all steps are correctly followed.
• Representation in Court: They represent the client in all court proceedings related to the bankruptcy.
• Communicating with Creditors: They deal with creditors on behalf of the client, handling all communication and negotiations.
• Financial Counseling: They provide advice on rebuilding credit and establishing good financial practices post-bankruptcy.
• Legal Advice: They offer legal advice regarding the implications and consequences of bankruptcy, like its impact on credit scores, eligibility for future loans, and more.

Why You Should Hire Our Chapter 7 Bankruptcy Lawyer

Hiring an experienced Chapter 7 bankruptcy attorney can provide numerous benefits, including increasing the likelihood of a successful outcome. At Calhoun Law Firm, we have extensive knowledge of bankruptcy law and can guide you through the complex legal process. We have a deep understanding of the intricate laws and regulations surrounding Chapter 7 bankruptcy and can help ensure that all necessary documentation is filed correctly and promptly. This significantly reduces the risk of mistakes or omissions that could lead to delays or even the dismissal of your case.

Our Soperton Chapter 7 bankruptcy attorney is prepared to provide valuable legal advice and counsel tailored to your specific circumstances. This includes analyzing your financial situation, assessing your eligibility for exemptions, and advising on the best course of action to protect your assets and discharge your debts. Additionally, Attorney Paul W. Calhoun, III can represent you during meetings with creditors, negotiations, and any potential litigation that may arise during the bankruptcy process. 

Our goal is to help alleviate your stress and help you regain financial freedom. Learn how our firm can help you work toward a fresh start—reach out to us today to set up a free, 30-minute consultation.

Call (912) 301-4047 or submit a secure online contact form here on our website.