One of the most beneficial consequences of filing a personal bankruptcy is the discharge or elimination of debts. You ultimate goal is to discharge as much debt as possible, and the legal team at DeLadurantey Law Office, LLC works diligently to help you accomplish this goal.
While no two bankruptcy cases are identical, most Chapter 7 filings are fairly straightforward. In fact, determining if you are eligible to file can be the most confusing part of the process. You must pass the means test, which is a formula used by the court to determine if you qualify for Chapter 7 debt relief. Once you have passed the means test, the Chapter 7 process involves:
- Consulting with a seasoned bankruptcy lawyer to review your individual circumstances, determine what type of debt relief is best for you, and guide you through the process
- Complete a mandatory credit counseling course
- File your bankruptcy petition, including making your financial disclosures
- Attend the meeting of creditors
- Attend a post-filing financial management course
- Receive your discharge order and elimination of your personal liability to pay the discharged debt
- Take advantage of your second chance and get your financial life back on track
A typical Chapter 7 case lasts three to six months. It allows you the most comprehensive means for dealing with your debt. Because the law provides certain exemptions to protect a debtor’s property from creditors, most Chapter 7 debtors are allowed to keep possession of all of their assets. Examples of property that is protected under the law include a certain amount of equity in your home, qualifying retirement accounts, household items and numerous other assets.
If you are interested in learning more about a Chapter 7 bankruptcy, contact DeLadurantey Law Office today.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.