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Chapter 7 Bankruptcy Attorneys serving Wooster, Akron, and New Philadelphia

Chapter 7 Bankruptcy

If you are surrounded by huge debt, Chapter 7 Bankruptcy might be the best choice to free you from it. It is a fast way to get rid of unwanted debt. The reason Congress designed Chapter 7 Bankruptcy and the ultimate goal of filing it is so that hardworking Americans can start over again and eliminate overwhelming debt.

Bankruptcy Defined

Chapter 7 Bankruptcy, also referred to as "liquidation" or "straight" bankruptcy, is a type of bankruptcy made available to singles, married couples, and people in partnerships and corporations. Basically, the bankruptcy court appoints a trustee to gather your non-exempt assets, sell and then distribute the proceeds from the sale to your creditors. Any exempt property is yours to keep.

Although bankruptcy does provide a brand new start for people and businesses, it is the government's goal to make certain that it is not being taken advantage of by people who file. For the government to ensure this, in 2005 they came out with the Bankruptcy Abuse Prevention and Consumer Protection Act which makes the process of qualifying for this type of bankruptcy more strict. In other words, this act prevents high income households from filing for Chapter 7 when all they would really need to do is set up a more organized repayment plan for their debt through Chapter 13. The way the government determines this is by using a tool known as the "means test." If your income is considered too high through the court for a Chapter 7, it could be considered abusive for you to file a Chapter 7.

Where to Start

It is a good idea to hire a reputable bankruptcy attorney or law firm such as the Law Offices of John R. Bates and Bates and Hausen, LLC serving Northeast Ohio so your case is processed smoothly from start to finish. We are nationally known and experienced bankruptcy attorney John R. Bates and experienced bankruptcy attorney James F. Hausen, together providing over 50 years of legal expertise.

We will help you file a petition for bankruptcy through the courts. This petition must include a detailed record of your expenses and income. You will also need to show proof of income through pay stubs, bank statements, and tax returns. All personal property and assets must be recorded. A thorough list of all your creditors should also be recorded as well, so the courts can notify them of the bankruptcy case.

You will be required to complete a credit counseling course before we file your case. You then will need to complete a financial management course after we file your case.

We invite you to come in or call us for a free initial consultation. We offer extremely competitive fees and will work with you if needed to set up an acceptable special fee arrangement for appropriate cases. You can even call in advance to discuss your case and find out how much it will cost. Retain us with a small payment and before your case is filed you can pay off the remainder of the retainer through payments. The timing and amount of payments is up to you.

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The information provided in this website is for informational purposes and is not legal advice. Each case must be evaluated by a qualified legal professional based on its facts. Your use of this website does not create an attorney-client relationship between you and John R. Bates, Bates and Hausen, LLC, or any of our attorneys.