Debt can be overwhelming and stressful. Bankruptcy might be the best solution for you to discharge or reduce your debt. At Hubbell Duvall, we have the experience to help you make sure that you are making the right choices when it comes to dealing with the bankruptcy process. Our attorneys will provide expert advice to ensure that you find the best solution for you and your family or business.
Chapter 7 bankruptcies are a liquidation bankruptcy and the most common type of bankruptcy cases. When most people think of bankruptcy, they are thinking of Chapter 7 bankruptcy. While there are some types of debt that this type of bankruptcy cannot remove, a Chapter 7 will allow you to discharge most of the debt you cannot manage and protect you from additional attempts at collection. Both individuals and business may file for Chapter 7 bankruptcy.
A Chapter 7 bankruptcy is generally a 3-4 month process, depending on the complexity of your case. Non-exempt property will be turned over to a trustee who will sell it and use the proceeds to pay creditors. An automatic stay against collections will begin as soon as your case is filed, which can be an advantage. This will prevent foreclosures, lawsuits and garnishments immediately. Upon conclusion of your Chapter 7 bankruptcy, all debts will be forgiven and cannot be collected again.
Non-exempt property is determined by a formula. A typical Chapter 7 bankruptcy includes these exemptions*:
Approximately $21,000.00 for equity in a home
Approximately $9,000.00 in household goods
Approximately $11,000.00 in cash in certain cases
Approximately $3,500.00 in equity on a vehicle
Contact the knowledgeable attorneys at Hubbell DuVall today to discuss the specifics of your Bankruptcy case. We have years of experience and can help you determine whether a Chapter 7 bankruptcy is right for you.
*These exemptions are just an estimate. Our attorneys can discuss with you what constitutes exempt property for you.