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Chapter 7

A Chapter 7 Bankruptcy will discharge or eliminate most kinds of unsecured debts, such as: credit cards, medical bills, utilities, pay day loans, and personal loans. Certain debts are not dischargeable, such as: certain taxes, child support, and student loans.  This is not a complete list of dischargeable and non dischargeable debts.  Call Bayshore Bankruptcy Attorney Amy Truran at 414-847-6465 for a further evaluation of your debts. 

A Chapter 7 can also: stop garnishments, stop creditor harassment, keep your utilities connected or prevent them from getting disconnected, reinstate your driver’s license, and stop lawsuits, all while typically allowing you to keep all of your property.

Secured debt in a Chapter 7: As long as you are current on your mortgage and car payments, and do not have a significant amount of equity in your property, you will be allowed to retain the property and reaffirm the debt.

The Chapter 7 Process at Bayshore Bankruptcy

Step One: Free consultation with Attorney Amy Truran.   At this appointment, we will evaluate your financial situation, discuss which chapter best suits your needs and goals, talk about whether or not you qualify for a Chapter 7, and plan our course of action.

Step Two: Complete credit counseling course.  Attorney Truran will discuss your options and how credit counseling works. The credit counseling certificate must be filed with the bankruptcy petition.

Step Three:  Petition filing with the Bankruptcy Courts.  At this second meeting, we will review your petition and begin the actual filing process. The petition is like a “financial accounting” for the courts which includes all of you assets and debts as well as your income and expenses. Once your petition is filed, you will obtain your case number, court date, time and location.  You will then be under protection of the Bankruptcy Court. Creditors may not call you, mail you bills, sue you, garnish your wages or cut-off your utility service.

Step Four:  Complete debtor education course.  Attorney Truran will also guide you in this process.  The debtor education certificate must be filed with the courts after your bankruptcy filing but before you can be granted a discharge.

Step Five: The Meeting of Creditors.  This court hearing is held approximately one month after filing. Your appearance is mandatory; however, Attorney Truran will be there with you. At this hearing a bankruptcy trustee will ask you questions and review your petition.  Typically, the hearing lasts approximately five to ten minutes.  Even though the hearing is called the meeting of creditors, they rarely attend this meeting.

Step Six: Discharge. Approximately 2 months after your meeting of creditors you will get your discharge order in the mail. The discharge order wipes out all your dischargeable debt, and you have successfully completed the bankruptcy process.