Filing Chapter 7 Bankruptcy? Contact a Chapter 7 Bankruptcy Lawyer, a Bankruptcy Attorney Today.

Chapter 7 bankruptcy protection allows you to discharge certain debts, thereby giving you -an honest individual debtor -an opportunity for a fresh start. Chapter 7 Bankruptcy allows you to discharge most (if not all) of your debts. However, chapter 7 bankruptcy laws vary depending upon where you live. Contact a bankruptsy lawyer today to see if some assets (including your home) may be exempt.

If you are financially distressed, a chapter 7 bankruptcy may be an option that you may want to explore. However, considering that even though filing of an individual chapter 7 petitions usually results in a discharge of debts, the debtor's right to a chapter 7 discharge is not absolute. In light of this, it may be in your best interest to speak with an attorney experienced in chapter 7 bankruptcy laws.

Relief under chapter 7 of the Bankruptcy Code is available to a debtor irrespective of the amount of the debtor's debts or whether the debtor is considered to be a solvent or an insolvent entity. The chapter 7 discharge has the effect of extinguishing a debtor's personal liability on certain dischargeable debts. Although a Chapter 7 bankruptcy can discharge most of your debts, it may not discharge of certain types of your debts. For example, a bankruptcy may not discharge what you may owe in unpaid taxes, child support, alimony, most student loans, or any court fines. Similarly, a bankruptcy discharge does not extinguish a lien on your property.

In order to see if you would qualify for a chapter 7 bankruptcy discharge, you may want to speak with a competent bankruptcy lawyer in your local area. You may also want to refer the United States Bankruptcy Code (title 11, United States Code) and the Bankruptcy Rules, both of which may be reviewed at local law libraries. Additionally, you may want to refer to any local rules of practice adopted and disseminated by each bankruptcy court.

In order to obtain debt relief under chapter 7 of the bankruptcy law, you (or your bankruptcy lawyer) need to file a petition with the bankruptcy court serving the area where you live. Along with the petition, you are required to file several schedules of assets and liabilities, a schedule of current income and expenses, a statement of financial affairs, and a schedule of executory contracts, and a schedule of unexpired leases. The Official Chapter 7 Bankruptcy Forms may be purchased at a legal stationery store in your area, or can be downloaded from the www.uscourts.gov website.

In order to complete the Official Bankruptcy Forms, you would need the following information:

A list of all creditors, and the amount owed,
The source, the amount, as well as frequency of your income,
A list of all of your properties, and
A detailed documentation of your monthly living expenses.

As soon as you file a petition under chapter 7, it automatically stays most actions against you and/or your property. In order for such a stay to arise, no judicial action is required -filing of chapter 7 petition by you is all that is required. As long as such a stay is in effect, your creditors cannot initiate or continue any lawsuits, wage garnishments, or even contact you over the telephone demanding payments. A court appointed trustee then oversees disposing of your remaining assets -primarily for the purpose of selling of them to compensate your creditors.

Federal bankruptcy law allows each state to adopt its own property exemption law in place of the federal exemptions. Therefore, your right to claim exemption for certain property may depend on your state's property exemption laws. It is highly advisable, therefore, to retain a bankruptcy lawyer well versed in your state's bankruptcy laws.

We are working on further augmenting this document with links to bankruptcy defense lawyers, bankruptcy law related legal professionals, and bankruptcy law firms. You are, of course, welcome to suggest we add an URL link to your favorite bankruptcy lawyer's website! Please Email us if you would like to suggest a helpful resource link for this page.

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