Trusted Chapter 7 Bankruptcy Lawyers in Huntsville
If you’re thinking about declaring bankruptcy, contact the Law Offices of Joseph G. Pleva for legal advice from one of our Chapter 7 lawyers in the Huntsville region.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy gives debtors a fresh start by eliminating many of their debts, including credit card bills, personal loans, medical bills, and wage garnishments. Debtors must meet certain income criteria to be eligible for Chapter 7 bankruptcy; those whose income level makes them ineligible may qualify for Chapter 13 bankruptcy instead. Some filers whose income exceeds the state’s median income may be eligible depending how much “excess” money is left over to repay debts after taking into account their necessary living expenses.
The Bankruptcy Process
With a few exceptions, all debtors must participate in a credit counseling course with a government-approved nonprofit credit counseling agency before filing for Chapter 7 bankruptcy to determine if there’s another way to repay the debt. Borrowers who have filed for Chapter 7 bankruptcy are often allowed to keep their assets, including their home, vehicles, retirement accounts, cash, and other assets; mortgage and auto loans will not be affected by the bankruptcy and should be paid as usual each month. Chapter 7 bankruptcy stays on the credit report for 10 years. This often makes credit less available and loan terms less favorable for borrowers who have declared bankruptcy; however, each debtor’s experience will be different.
Contact the Law Offices of Joseph G. Pleva
When you’re looking at Chapter 7 lawyers in the area, contact the Law Offices of Joseph G. Pleva for assistance. Our highly experienced team has helped hundreds of clients overcome their debt by guiding them through the bankruptcy process. Call our office today to schedule a free in-person consultation, phone call, or video chat!