At Ferguson Legal Group, LTD, we are dedicated to helping you explore your bankruptcy relief options. We recognize that many people feel anxious about filing for bankruptcy, and we’re here to answer your questions, address your concerns, and support you through the process.
Chapter 7 is the most commonly filed bankruptcy. People generally will look to Chapter 7 when they have suffered some major medical injury, have lost a job, are having wages garnished, or are simply struggling to make ends meet, or they have several creditors suing or threatening to sue them, or are facing a foreclosure of their home or a repossession of a vehicle. The basic idea behind Chapter 7 is to eliminate unsecured debts and allow you to get a fresh start financially. In a typical Chapter 7 case, your unsecured debts are wiped out and are not repaid to creditors. Unsecured debts are those debts where you have not pledged your property as collateral to obtain a loan or make the purchase on credit. Examples include most credit card bills, medical bills, signature loans, and money judgments against you. Whatever the specifics of your situation may be, we’re here to guide you through the process and achieve the relief you seek.
There are several benefits to filing for Chapter 7 bankruptcy relief, such as:
Of course, there are also a few drawbacks and limitations to pursuing Chapter 7 bankruptcy relief. For instance:
We understand that most people consider bankruptcy as a last resort option. However, many times bankruptcy is either the only option or the cheapest option in the end. You have four basic options when you find yourself in financial distress:
Guiding You Through the Filing Process
Once you have determined that you need or should file bankruptcy, you need to file what is referred to as the “petition.” The petition is made up of various documents designed to list and itemize your income, expenses, assets, liabilities, creditors, as well as certain financial transactions over the last two years.
After your petition is completed and filed, you will be assigned a Judge and Trustee and receive your 341 hearing date, which will be held 30-45 days from the date your petition was filed. The 341 hearing is a meeting for the creditors and the trustee to ask you questions about your petition, your current income, and if there have been any changes in your situation since filing for bankruptcy. Creditors hardly ever show up for the hearing. You are under oath when you are attending this hearing. A typical hearing lasts 10 minutes.
If your petition has been properly prepared and filed, the 341 hearing should be the only hearing you have to attend. After that, if no creditor objects to your petition, you should receive a discharge between 90-120 days after the 341 meeting. If a creditor does object, or even if the trustee files an objection to something in your petition, the issue is usually resolved without having an additional hearing or delay.
At Ferguson Legal Group, LTD, our goal is to help you receive the fresh financial start you need to enjoy a brighter future. Get in touch with us today to explore your bankruptcy relief options.