Bankruptcy Lawyer – Chapter 7 – Protects from Creditor Harassment

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Bankruptcy is one of the toughest and last option for individuals, married couples, corporations and partnerships where they are not in a state to pay off debts owed by them.

Usually, the debtors are harassed by their creditors by the way of continuous phone calls and threats. A qualified Bankruptcy Lawyer Chapter 7 can help the debt-plagued persons or corporate entities in filing Chapter 7 bankruptcy and protecting you from possible harassment and phone calls of your creditors.

For any person, filing a Chapter 7 bankruptcy is generally the last available option. Also known as “liquidation”, it is usually the quickest and simplest form of bankruptcy available to individuals and partnerships. The court appoints a trustee who enlists, gathers, and sells your non-exempted property. The amount collected from the sale is used to make payments to your creditors. The case becomes a “no-asset” case if you simply don’t have any non-exempt property for trustee to sell.

However, it should be noted that not everybody can file of Chapter 7 bankruptcy. Your eligibility will be determined through “means test” which is provided by Federal Bankruptcy Laws. If you are a resident of New Jersey and your average income is found to be lower than the median income for families based in New Jersey (as per Central Bureau statistics), you will be deemed eligible by concerned authorities to file for this type of bankruptcy. You would not be considered eligible in case if you make more than the median income of families based in New Jersey after deduction of back taxes, child support due, car payments and mortgages, and school expenses. If you don’t qualify, then Chapter 13 is your only option.

In case of your qualification, your chosen Bankruptcy Lawyer Chapter 7 will do analysis of your specific situation to provide honest and transparent legal counsel in dealing with your debts. He will file the official petition and schedules with the local bankruptcy court on your behalf. You will be needed to provide a complete and accurate details of your creditors, total debt amount to be paid, sources of your income, a list of all your properties, and a comprehensive list of all your monthly expenses. The filing fee of filing Chapter 7 bankruptcy is $299. The good news for stressed-out debtors is that they get an “automatic stay” as soon as they file for bankruptcy. It means that your creditors are put on hold by the rule of the law to try and collect their debts. Also, they cannot threaten you on phone calls. You get much needed break from litigation and your property is preserved.

If you are an owner of the non-exempted property, the trustee appointed by the court gets to take control of any property you are not allowed to keep. Any amount recovered from its sale will first be used to pay the admin expenses, and then the remaining money is paid to creditors on priority basis. After the filing of a case, the wages earned by you are not within the reach of your creditors.

A reputed and experienced Bankruptcy Lawyer Chapter 7 will spend time with you to fully understand the causes of your current situation and the people responsible for it. He will try his best to provide you a relief that you deserve legally.

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