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Our most commonly asked question is "Can I keep my home?" and my answer is "YES!" While the Court/Trustee will make a final determination of your qualifications, we can help you, at your free consultation, make an initial determination for a Chapter 7, or in the alternative, a Chapter 13 bankruptcy. This is largely driven by your household income, household size, and your assets. Let us help alleviate the stress!
If you qualify, a Chapter 7 Bankruptcy is ideal for most clients; this form of Bankruptcy, upon completion, will discharge all (with some exceptions such as IRS tax) debt. If you are considering a Chapter 7 Bankruptcy, I encourage you to maintain complete records from your creditors.
If you do not qualify for Chapter 7, and need to file a Chapter 13 Bankruptcy, be aware that this will require up to five years of monthly payments; however, we will make EVERY effort to discharge as much of your debt as possible and minimize your monthly payments. A Chapter 13 Bankruptcy filing can increase the likelihood of a debtor's ability to keep their valuable assets.
I recommend for my clients to use the following link* to better understand qualifications for filing a Chapter 7 Bankruptcy. Using this link allows us to discuss your expectations and options for filing.
https://www.justice.gov/ust/means-testing
*Please be aware this changes regularly and I will ensure that we follow the guidelines at the time of your filing.
No matter which chapter you file under, a 341 Notice/Meeting of Creditors will be scheduled automatically. The Trustee will require that at minimum, at least one week prior to this meeting, the debtor(s) provide bank statements, paystubs, and tax returns to get a complete and accurate picture of your financial status in preparation of your discharge.
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