Practical, Transparent Legal Guidance In Chapter 7 Bankruptcy Proceedings
It is easier than people realize to incur debt quickly and become unable to pay it back. After a medical emergency, a job loss or any other unforeseen circumstance, many Pennsylvanians find themselves facing the prospect of overwhelming debt that can no longer be managed. In many cases, the best (or perhaps only) solution is to file for bankruptcy.
If you are currently in need of powerful debt relief, contact The Law Offices of Everett Cook, P.C., to discuss your rights and legal options. Attorney Everett Cook provides practical, non-judgmental advice and guidance to clients who are seeking a fresh start. He can help you determine if bankruptcy is right for you.
Chapter 7 Focuses On Discharging Debts
Commonly called liquidation bankruptcy, Chapter 7 allows filers to discharge most debts. That means they are forgiven, and you don’t need to repay them. In exchange, however, some of your assets may need to be liquidated to partially compensate creditors. Chapter 7 is also available to business owners, but it will permanently dissolve the business.
Determining whether to file Chapter 7 will depend on a variety of factors, including the type of debts you have. It is most appropriate for individuals who have significant unsecured debt, including credit card bills, medical debt, utility bills and payday loans. You cannot use Chapter 7 to discharge secured (collateralized) debts, student loans, child support obligations and back taxes. You’ll also need to pass a means test to determine whether your income qualifies you for Chapter 7. If not, Chapter 13 is an option.
Potential Downsides And Cautions With Chapter 7
Chapter 7 can be completed quickly – often in a matter of months. That is a great feeling if you’ve been struggling with debt for years. That being said, you should know that a Chapter 7 filing will stay on your credit report for a decade, and it will be very difficult to access credit for several years after filing.
Another potential downside to Chapter 7 is that it is often harder to keep your home or car if you are still paying them off and have fallen behind on payments. These are both secured debts, which means foreclosure and repossession are a concern. To best understand your options and potential liabilities, it is a good idea to consult with an experienced attorney.
Confident And Honest Guidance Through The Process
When you hire The Law Offices of Everett Cook, P.C., you’ll work directly with attorney Everett Cook, who has more than two decades of bankruptcy law experience. He can quickly help you assess:
- Whether bankruptcy is right for you
- Which type of bankruptcy would be most advantageous
- Whether you risk losing a home or vehicle and how to prevent that loss whenever possible
- Whether you qualify for Chapter 7 based on a means test
- Which assets are most important to you so that you can prioritize their protection during bankruptcy
Instead of focusing on how your debt problems began, Mr. Cook is ready to help you focus on finding an effective resolution. He works tirelessly to give his clients a fresh start and a brighter future.
Discuss Your Legal Options With An Attorney Who Listens And Cares
Based in Allentown, The Law Offices of Everett Cook serves clients in the surrounding areas of Pennsylvania, including Bethlehem, Easton and Philadelphia. To schedule your initial consultation and learn how the firm can help you, call 610-673-0907 or submit an online contact form.
Everett Cook is a debt relief agent. He helps people file for bankruptcy relief under the Bankruptcy Code.