Common Questions Clients Ask Us About Chapter 7
The stigma around filing for bankruptcy can often cause clients to avoid the topic entirely. This leads to a pervasive misunderstanding of bankruptcy and the benefits it can offer to clients who are finding it difficult to manage their finances.
At Beebe and O’Neil, our goal is to better inform our clients and community about Chapter 7 bankruptcy and how debt relief can offer struggling individuals and families a second chance. Here are some frequently asked questions and answers about Chapter 7 bankruptcy.
Q: What Does Chapter 7 Bankruptcy Entail?
A: Chapter 7 bankruptcy is a federal law that allows you to eliminate most of your unwanted debts. This chapter of the Bankruptcy Code is more commonly known as liquidation bankruptcy as it involves liquidating or selling your assets to pay off creditors. Filing for Chapter 7 is often a quick way to resolve serious financial issues that have accumulated from medical expenses, unemployment, tax debts and more. To qualify for this method of debt relief, you must pass the means test. Let a lawyer help you determine if this is the best route for your situation today.
Q: Can Creditors Sue Me If I File For Bankruptcy?
A: Once you begin the filing process, creditors are required by law to cease any and all contact with you and your family. This puts an end to not only threatening phone calls and letters, but also stops most lawsuits in their tracks. If you are facing constant harassment from creditors, bankruptcy may be the right choice for you. Talk to our attorneys about how you can get started today.
Q: Will I Lose Everything I Own?
A: While Chapter 7 does involving the sales of your assets to pay back your debts, this does not mean you will be left with nothing at the end of the day. An attorney can work with you to keep important assets that you need to move forward, such as your home or a vehicle to get you to and from work. For more detailed information on how bankruptcy affects your assets, reach out to us today.
Q: Where Do I Even Begin?
A: You can start the process by speaking with one of our attorneys for free. We offer clients these free initial consultations at our Norwich office to help assess the circumstances surrounding each case. Call us at 860-222-2021 or send us a message online today to see whether you might qualify for Chapter 7 debt relief.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.