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Chapter 7 Bankruptcy in Charlotte

Charlotte Bankruptcy Attorney

Our attorney at Schwilm Law Firm, PLLC are dedicated to helping individuals, families, and business owners who are struggling with overwhelming debt. Our goal is to assist you with regaining financial security by filing a Chapter 7 bankruptcy. We understand how frustrating it can be to feel uncertain about your financial future, so we thoroughly explain what happens during a Chapter 7 bankruptcy and how it assists you by eliminating debt and giving you a second chance.

What does Chapter 7 involve and what are the end results?

The Chapter 7 bankruptcy process is fairly straightforward in the majority of cases and typically lasts three to six months. When you successfully complete your case, you receive a discharge order that eliminates your personal liability to pay the discharged debts. For many debtors, this is thousands of dollars that they no longer have to pay. Being free from your debt can give you a fresh start with your finances.

When is Chapter 7 the best option?

You may benefit from a Chapter 7 bankruptcy if you have significant unsecured debt, such as credit card bills or medical bills, and you have very few nonexempt assets (such as luxury items).

Below are a few common examples of situations where a Chapter 7 filing could help:

  • A bankruptcy can buy you extra time in your home if you have past-due mortgage payments or a foreclosure is scheduled.
  • Credit cards that have reached their limit are primarily unsecured debt, which is typically discharged in a Chapter 7.
  • Divorce can leave you with significant marital debt that may be dischargeable.
  • Unexpected events, such as a major illness or loss of a job, can result in overwhelming debt.
  • Garnishments against your bank account or wages are stopped by a Chapter 7 filing.
  • Pending lawsuits come to a halt as soon as your bankruptcy petition is filed.

What are the requirements for filing a Chapter 7 bankruptcy?

To file a Chapter 7 bankruptcy, you must pass the means test. This test is actually a formula based on your income and family size relative to the state you are filing in to determine your eligibility. Our Charlotte bankruptcy lawyer can help you determine if you pass the means test.

Filing a Chapter 7 bankruptcy includes:

  • Consulting with a bankruptcy attorney to guide you through the entire process
  • Completing a mandatory credit counseling course
  • Filing a petition, a schedule of assets and liabilities, your current income and expenditures and all debts to be included in your filing
  • Attending a meeting of creditors
  • Completing a post-filing financial management course
  • Receiving your discharge order
  • Getting your life back on track

Our proficient bankruptcy attorney at Schwilm Law Firm, PLLC helps you with each of the above steps to ensure that your case proceeds efficiently and effectively.

If you are interested in learning more about Chapter 7 bankruptcy, contact Schwilm Law Firm, PLLC at (704) 750-1324 or online.

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