Chapter 7 Bankruptcy
Do you feel like you are drowning in debt? If you are being constantly harassed by creditors and collectors or if you are facing foreclosure or repossession, you need to enlist our firm's help. When you have exhausted all options or attempts to pay back debt and now are constantly being harassed by collectors and creditors, it is important that you contact a Hampton bankruptcy attorney from the Law Office of Philip R. Boardman, P.C.
At our firm, we understand that you are stuck in a difficult financial situation and our goal is to help you meet an amicable resolution for you case. When you work with our team, we will determine if filing for Chapter 7 bankruptcy is right for you and develop a strategic plan to help you eliminate your debts and begin working on a path to financial freedom.
Understanding Liquidation Bankruptcy
When you are considering filing for bankruptcy, it is important to remember that there are two separate types of individual bankruptcy recognized under Title 11 of the United States Code. Any person owning land or any person who is a United States citizen can file for Chapter 7 or Chapter 13 bankruptcy.
In Chapter 7 bankruptcy, all non-exempt assets will be sold in an effort to repay lenders and unsecured loans that are owed to debtors. In the vast majority of Chapter 7 cases, all of the assets are exempt and so the debtor loses nothing. While this form of bankruptcy is also known as "liquidation" bankruptcy, it may greatly benefit individuals, businesses and families that can no longer afford to make small payments to repay debts.
It is also important to remember that just because you have chosen to file for bankruptcy under Chapter 7, you are not a bad person. Life happens, and each and every year countless people find themselves facing financial hardships with little to no way out; but do not let these stresses control you! You have options, and when you work with the Law Office of Philip R. Boardman, P.C., we can help!
The Means Test
In order to file for Chapter 7 bankruptcy, we must calculate what is known as a means test. This test is available online or through a bankruptcy attorney at our firm. The test helps determine eligibility by looking at all disposable incomes, including vacation property, rental homes and additional sources of income. The calculations for determining eligibility for Chapter 7 will vary depending on factors such as your household size and location.
If it is determined that your income is too high or that you do not meet the expectations to pay off the debt that you are owed, then you may be eligible to file under Chapter 13 instead of Chapter 7. When you choose to work with our firm, we will thoroughly review your financial situation and help you understand the bankruptcy process prior to filing.
Remain Debt Free
Although filing for bankruptcy may seem like a scary thing, it is important to remember that you are not alone. Chapter 7 bankruptcy is actually the most common form of bankruptcy filed in the United States and each year; thousands of individuals decide that bankruptcy is the right choice for them and their family. Filing for bankruptcy can help eliminate debts, wipe clear all non-secured loans, stop harassing creditor calls, foreclosures and garnishments that may be held against you.
When you work with our firm, we will ensure that the bankruptcy process is completed as quickly as possible and will set you on the right track for success. Free of charge, you will receive an outline on how to stay debt free and restore your credit in as little as six months.
If you are interested in filing, or have questions about your situation, contact the Law Office of Philip R. Boardman, P.C. today and schedule a free case evaluation as soon as possible.