Chapter 7 Bankruptcy

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Chapter 7 Bankruptcy

Canterbury Law Group has successfully worked on Chapter 7 bankruptcy cases; therefore we thoroughly understand their complex nature and can assist you through every step of the process.

The most common form of bankruptcy in the United States, Chapter 7 bankruptcy, provides individuals with a discharge of all debt, which are “dischargeable” under the Bankruptcy Code. In a Chapter 7, all of the debtor’s non-exempt assets on the petition date are liquidated through the priorities set forth in the Bankruptcy Code. At the time of filing, the bankruptcy code establishes the creation of your “debtor’s estate” which includes all “non-exempt assets.” As a Debtor you have various duties and obligations, including significant duties of co-operation, which are owed to the Trustee. These obligations are designed to assist the Trustee in the administration of your bankruptcy estate.

Subject to the “means test” for individual debtors, relief is available under chapter 7 irrespective of the amount of your debts or whether you are solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit-counseling agency either in an individual or group briefing.

A typical Chapter 7 bankruptcy case takes three to six months to complete. Many Chapter 7 debtors keep all or most of their personal property yet some petitioners with significant equity and assets that are not exempt by law may be required to use their equity and / or assets to satisfy some of the debt. Chapter 7 can temporarily stop foreclosure cases, but unless you become current on your mortgage, the foreclosure will most often eventually continue.

Although all bankruptcy cases are unique to the individual or business, filing Chapter 7 can be a very tedious process that involves preparing in-depth paperwork and usually navigating complicated legal issues. Our bankruptcy lawyers will counsel you regarding these duties, which if followed, will make your case run smoothly. Unfortunately, many debtors who are not fully informed of these obligations run the risk of not receiving a discharge of some or all or their debt. We understand the complexity of Chapter 7 and will capably navigate you through to final discharge.

When you choose Canterbury Law Group as your legal advisors, be confident in our abilities. We limit the number and type of cases we undertake so clients receive our full attention. Our team also works closely on all of our matters, bringing a unique mix of expertise to all of our practice areas. Most importantly, Canterbury Law Group solves problems and helps navigate your business toward success and helps you reach your business goals. Our lawyers are deal makers, not deal breakers, and we will do everything in our power to deliver our legal services on time, and under budget so you can get back to what you do best: run your business.

When representing you in Chapter 7, our goal is to help you achieve a new financial existence. Call today to schedule your consultation.

Contact us today to schedule your initial case review. We’re here to help!