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 debt is discharged, the debtor is free from creditor collection practices.

Michael Schwartz is a bankruptcy lawyer located in Bucks County Pennsylvania. The Law Office of Michael Schwartz represents individuals, married couples and businesses in debt relief services, including Chapter 7 bankruptcy. We offer a free consultation to explain Chapter 7 bankruptcy and help our clients make informed decisions as to whether or not it is right for them. We want to pursue the best course of action for your financial situation.

It is critical that anyone who is considering Chapter 7 bankruptcy consult a bankruptcy lawyer prior to filing a bankruptcy case.  In Chapter 7 bankruptcy, the Court has tremendous powers to seize and sell assets of the Debtor. While the filer has some exemptions available to protect property, it is important that the values of assets and amount of exemptions are considered and evaluated properly before the Chapter 7 is filed by an experienced bankruptcy lawyer like Michael Schwartz, Bucks County bankruptcy lawyer.

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, a frozen bank account can be released after the filing of the bankruptcy case
  • By filing a Chapter 7 bankruptcy, car repossessions will be delayed, providing time to bring the account current
  • A Chapter 7 bankruptcy filing will delay foreclosure and sheriff sales
  • Once a Chapter 7 bankruptcy is filed, foreclosures are automatically stayed, forcing a delay in the proceedings
  • A Chapter 7 filing will at least temporarily stop a tax sale of your property, giving you time to work out a payment arrangement with the tax claim bureau 

In successful Chapter 7 bankruptcy cases, a bankruptcy discharge is entered by the Bankruptcy Judge typically within 3 to 4 months of filing the case. The bankruptcy discharge will effectively eliminate the legal obligation to repay all dischargeable debts. Most unsecured debts including credit cards, personal loans and medical bills will be discharged in bankruptcy. 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, it is not unusual to be extended 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. It is important that an experienced bankruptcy lawyer, like Michael Schwartz, reviews your situation to advise whether or not Chapter 7 bankruptcy is appropriate. The Law Offices of Michael Schwartz will review your income, expenses, assets and creditors and provide a recommendation based on your individual circumstances. 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.

Changes to the bankruptcy laws in 2005 made it necessary for debtors to complete a means test before filing bankruptcy. In general, debtors whose income fall below the median income 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 this 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 qualify for Chapter 7 bankruptcy.

THE CHAPTER 7 PROCESS

Your attorney will provide you with a list of documents need to prepare your Chapter 7 bankruptcy petition.  It is critical that you provide your attorney will all information regarding your assets, income, expenses so that he can provide good advice and protect your interests. Since a Chapter 7 bankruptcy is a liquidation process, it is important that you disclose all assets to your attorney so that he can make sure that those assets are protected from sale.

Once the bankruptcy petition is filed, all creditors will receive notice of the Chapter 7 and will be required to stop all collections. A Trustee will be appointed to your case who represents the interest of the creditors. The Trustee will schedule a meeting called the 341 Meeting of Creditors. You will be required to participate in the meeting with your lawyer.

At the meeting, the Trustee will ask you questions to make sure that the information within the petition is accurate and that you are good candidate to receive a bankruptcy discharge. He will also be looking for unprotected assets that may be sold, with the proceeds to be used to benefit the creditors.  Once the Trustee confirms the information in the petition and is satisfied that you qualify for a Chapter 7 discharge, he will recommend that the Judge signs an order discharging 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 near me.

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