Chapter 7 Bankruptcy
A Fresh Start Through Chapter 7 Bankruptcy
Chapter 7 form of bankruptcy can be used to get you a FRESH START. It typically will discharge you or settle and release you from all your debts, except certain types of debts including taxes, student loans and domestic support obligations. There are certain criteria that need to be met in order to qualify for Chapter 7, and you must pass a bankruptcy means test in order to proceed. It is important to have an experienced lawyer to help you through the process. At the Steadman Law Firm, P.A., we have helped many clients find the debt relief they need and get a fresh start through Chapter 7 bankruptcy.
If you have high levels of credit card debt, large medical bills or other types of unsecured debt and you can’t afford the payments, Chapter 7 bankruptcy may be a good option for you. Remember that liens often survive bankruptcy, so you need experience too.
One of the biggest myths about filing for Chapter 7 bankruptcy is that you lose everything you own. While some of your property could be sold to repay your debts, the law allows you to “exempt” or keep a specified equity value in certain critical assets:
- Your home
- Your car
- Tools or equipment required to perform your job
- Specific household goods
If you do not have any property that can be sold, yours may be declared a “no-asset” case and you won’t lose anything. Most Chapter 7 cases are “no asset”.
Charleston Chapter 7 Bankruptcy Lawyer
Our founding attorney, Richard A. Steadman Jr., has more than 30 years of experience in the practice of law. He will represent you at all meetings and hearings involved with your case. He personally handles every aspect of your legal matter, from the filing of the petition to the conclusion of your case. Between Mr. Steadman and his team of paralegals and support staff, you will always have access to someone who can answer your questions and fulfill your needs.