Chapter 7 bankruptcy allows you to discharge debt on credit cards, certain kinds of loans, medical bills and other forms of unsecured debt. Additionally, filing for Chapter 7 bankruptcy places an automatic stay on any collection actions on the part of creditors. Consequently, filing for Chapter 7 will put an end to harassing phone calls and warning letters from creditors while temporarily halting foreclosure proceedings against your home. At the law office of Levine & Levine, our attorneys help people who need to file for Chapter 7 bankruptcy due to crushing consumer debt. Our office prepares all necessary paperwork and accompanies you to any required hearings or meetings regarding your bankruptcy petition.
If you're unable to make monthly minimum payments on credit cards and have fallen behind on your mortgage, contact the bankruptcy lawyers at Levine & Levine today to learn how we can help you.
What You Can Keep After Filing for Chapter 7 Bankruptcy
Chapter 7 allows you to discharge unsecured debt. However, it does not allow you to wipe out certain debts like child support and student loans. While bankruptcy is called a "liquidation bankruptcy" most filers do not have to lose any of their property. There are exemptions which can be claimed in order to protect your home and personal property.
Can I Keep My Home?
Filing for Chapter 7 bankruptcy will temporarily halt foreclosure proceedings against your home; however, filing for Chapter 7 will not prevent foreclosure later. The key to keeping your home is making your regular monthly mortgage payments. Once your credit card debt is wiped clean, you may have enough additional disposal income to keep you mortgage payments current.
Will I Ever Qualify for a Loan or Credit Card Again?
The vast majority of people who file for Chapter 7 bankruptcy qualify for a low balance credit card in a relatively short time. Typically, a bank will offer you a card that has a low credit limit at first. If you pay off your balance every month and make your payments on time, your credit limit will increase over time. Since your credit score is impacted by the ratio of your debt to your credit, paying off your balance acts in your favor. Once your credit score increases, you should be able to qualify for different kinds of loans in the future.
Questions About Chapter 7 Bankruptcy? Contact Levine & Levine Today
If you have questions about Chapter 7 bankruptcy, contact the Florham Park office of Levine & Levine to schedule an appointment and discuss your case. We can explain what is needed, how bankruptcy works, and determine if you are eligible to file for Chapter 7 bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
