Are you or a loved one constantly being called by creditors? Read these chapter 7 bankruptcy tips you should know, then give us a call today.
1) Assets Protected by a Chapter 7 Bankruptcy
When exploring the option of bankruptcy, a big concern for a lot of our clients is, “What assets can I protect?” Two of the biggest assets that do impact people’s lives are your home and your car. Those assets can be protected in a Chapter 7 or Chapter 13 bankruptcy, if it is processed correctly. If you have any questions about this, please call our office.
2) Non Dischargeable Debts in a Chapter 7 Bankruptcy
When speaking with potential clients in South Jersey, one of their biggest questions is, “Are there debts that I can’t discharge in my bankruptcy?” There are. Taxes, spousal obligations, child support, and student loans are some examples of debts that cannot be discharged in bankruptcy. If you have any question about whether or not your debts are dischargeable or if bankruptcy can help you, please call our office.
3) Forgetting to List a Creditor in Chapter 7 Bankruptcy
The other day we got a phone call in our office from a client here in South Jersey who is filing for Chapter 7. She was quite nervous because she realized that she forgot to add a creditor onto her bankruptcy. What we do in a situation like that is we file an amendment. Amendments are very common, and they happen very often in Chapter 7 bankruptcy, as situations can change during the course of your bankruptcy filing. If you have any more questions about this, please feel free to contact our office.
4) Automatic Stays in a Chapter 7 Bankruptcy
I was speaking with a potential Chapter 7 bankruptcy client in my South Jersey office the other day, and they heard about this term called an automatic stay. They wanted to know what an automatic stay was. An automatic stay protects you from having your wages garnished, your bank account levied, or your home foreclosed on. It’s a bar that protects you legally from having the collectors trying to collect on the monies that you owe them. If you have any more questions about an automatic stay or how bankruptcy can help you, please contact our office.
5) Chapter 7 Bankruptcy Means Test
Another common Chapter 7 bankruptcy question we get from our South Jersey clients is, “What exactly is the means test?” When filing for a Chapter 7 bankruptcy, the means test is a comparison of your annual household income against the number of people residing in your home. If it is over a certain threshold, you will not qualify for a Chapter 7 bankruptcy. You may still qualify, however, for a Chapter 13 bankruptcy. If you have any questions about whether a Chapter 7 or a Chapter 13 bankruptcy is better suited for you, or where you fall in the means test, please feel free to contact our office.
6) Wage Garnishments in a Chapter 7 Bankruptcy
In our South Jersey office, we get a lot of questions from people who are actually having their wages garnished presently, and they want to know if Chapter 7 can help them. The answer is, yes, a Chapter 7 bankruptcy can help you with your wage garnishment. We can actually stop that and, in some cases, recover the monies that have already been taken. If you have any questions about how Chapter 7 can help you or if Chapter 7 is right for you, please contact our office.
Are you or a loved one constantly being called by creditors and have questions about these Chapter 7 bankruptcy tips you should know? Contact experienced South Jersey Chapter 7 bankruptcy lawyer Andrew Carroll of All Jersey Bankruptcy today for a free consultation and case evaluation.
We are dedicated to giving you the answers that you need in order to make an informed decision about whether bankruptcy is the best decision option for you.
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