CHAPTER 7 BANKRUPTCY LAWYER BUCKS COUNTY

Michael Schwartz Bankruptcy Attorney Chapter 7 Seven Lawyer

ELIMINATE DEBT AND CREDITOR HARASSMENT BY FILING FOR CHAPTER 7

A Chapter 7 bankruptcy provides a fresh start free of debt and is available to both individuals and businesses. Chapter 7 allows a person to discharge certain types of debts including credit cards, personal loans and medical bills. A chapter 7 discharge can provide an individual with tremendous relief from debts they can no longer pay. Once the debtor discharges the debt, they are free from creditor collection practices.

Michael Schwartz is a bankruptcy lawyer located in Bucks County Pennsylvania. The Law Office of Michael Schwartz helps people, couples, and businesses with debt relief, like Chapter 7 bankruptcy. We offer a free consultation to explain Chapter 7 bankruptcy and help clients decide if it's right for them. We want to pursue the best course of action for your financial situation.

Before filing for Chapter 7 bankruptcy, it is important to consult a bankruptcy lawyer for guidance. In Chapter 7 bankruptcy, the Court has tremendous powers to seize and sell assets of the Debtor. Before filing for Chapter 7 bankruptcy, it is important to review the value of assets and bankruptcy exemptions. The exemptions will help protect your property.

Michael Schwartz, a Bucks County bankruptcy lawyer, is a good option. Get advice from a skilled bankruptcy lawyer like Michael Schwartz, a lawyer who specializes in Bucks County bankruptcy cases.

THE BENEFITS OF FILING CHAPTER 7 BANKRUPTCY

A Chapter 7 bankruptcy can have the following benefits:

  • A discharge in the Chapter 7 bankruptcy will eliminate dischargeable debts (including credit cards, personal loans and medical bills)
  • After filing the Chapter 7 bankruptcy, creditors must stop harassing collection calls, letters and lawsuits
  • A Chapter 7 bankruptcy will stop the levy and garnishment of a bank account. In most cases, the filing of the bankruptcy case can release a frozen bank account.
  • Filing a Chapter 7 bankruptcy delays car repossessions, giving time to bring the account current.
  • A Chapter 7 bankruptcy filing will delay foreclosure and sheriff sales
  • Once a person files for Chapter 7 bankruptcy, it automatically stays foreclosures, forcing a delay in the proceedings.
  • Filing for Chapter 7 can temporarily stop a tax sale of your property. This may give you the opportunity to negotiate a payment plan with the tax claim bureau. 

In Chapter 7 bankruptcy, the judge usually grants a discharge within 3 to 4 months after filing the case. The bankruptcy discharge will effectively eliminate the legal obligation to repay all dischargeable debts.

Bankruptcy will discharge most unsecured debts, including credit cards, personal loans, and medical bills. An experienced bankruptcy lawyer like Michael Schwartz can review your case and determine whether or not specific debts are dischargeable in your case. 

Discharging your debt will also provide an opportunity to improve your credit score. After bankruptcy discharge, lenders often extend offers for new credit. Making timely payments on reportable debt after bankruptcy will help to rehabilitate credit scores.

QUALIFYING FOR CHAPTER 7

A person can qualify for Chapter 7 bankruptcy based upon their income and expenses. However, the bankruptcy court will review the totality of your circumstances before granting a Chapter 7 discharge. An experienced bankruptcy lawyer, like Michael Schwartz, can review your situation to determine if Chapter 7 bankruptcy is appropriate for your situation.

Michael Schwartz's law office will assess your financial situation and offer advice tailored to your specific needs. Since Chapter 7 bankruptcy has a liquidation component, it is critical that an experienced attorney like Michael Schwartz reviews your case before filing Chapter 7 bankruptcy to make sure that assets will be protected.

When Chapter 7 is not appropriate, the Law Offices of Michael Schwartz will provide other alternatives, like Chapter 13 bankruptcy that may be more suitable in certain situations.

In 2005, the bankruptcy laws changed to require debtors to take a means test before filing for bankruptcy. In general, debtors whose income fall below the median income for their household size may qualify for Chapter 7. However, there are other factors to consider such as income compared to overall expenses (disposable income).

Unexempt assets must also be considered in the analysis. The Law Office of Michael Schwartz understands the nuances of filing Chapter 7 bankruptcy and completing the means test to help to determine whether or not you can qualify for Chapter 7 bankruptcy.

THE CHAPTER 7 PROCESS

Your attorney will provide you with a list of documents needed to prepare your Chapter 7 bankruptcy petition. You must give your lawyer all details about your money, belongings, and spending. This helps them give good advice and keep you safe.

When filing for Chapter 7 bankruptcy, it is important to inform your lawyer about all of your assets. This will help ensure that your assets are protected and not sold off during the liquidation process.

After going bankrupt, the court will tell your creditors involved in the Chapter 7 to stop collecting money. A Trustee, who represents the interest of the creditors, will be appointed to your case. The Trustee will schedule a meeting called the 341 Meeting of Creditors. You must participate in the meeting with your lawyer.

The Trustee will ask you questions during the meeting. These questions confirm the accuracy of the information in the petition.

Additionally, the Trustee will determine if you meet the requirements for a bankruptcy discharge. He will also search for unprotected assets that he can sell, using the proceeds to benefit the creditors. The Trustee will review your petition and determine if you are eligible for a Chapter 7 discharge. If you are eligible, the Trustee will advise the Judge who will sign an order to eliminate your debt.

Michael Schwartz is a bankruptcy lawyer with his main office located in Bucks County PA. Contact Michael Schwartz, Esquire, Chapter 7 Bankruptcy Lawyer, to schedule a free consultation to discuss your options in bankruptcy. He has three convenient office locations in Bucks County and Delaware County, PA in Southampton, Perkasie and Havertown. Make Michael Schwartz your bankruptcy lawyer of choice!

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