What Is Chapter 7 Bankruptcy?

One of the avenues of debt relief is through a Chapter 7 bankruptcy. At Innocenti Legal, LLC, our attorneys work tirelessly to help clients understand how filing for bankruptcy protection will help them, and break the stigma of bankruptcy being a negative. Chapter 7 can help you achieve the fresh start that you need to move forward with your life.

Filing For Chapter 7

Once it has been determined that Chapter 7 may be right for you, your lawyer can help you through the process of the Means Test. This is a formula that courts use to determine your ability to pay back any of your debt. Since Chapter 7 is a liquidation form of bankruptcy, qualifying means you are unable to pay back your debt, and your assets will be gathered in order to pay your creditors.

  • Not all debts will need to be handled through the liquidation of your assets, however. Some unsecured debts, such as credit card bills and medical bills, may be dismissed as part of the bankruptcy filing.
  • Typically, a Chapter 7 filing will last several months and stay on your credit report for several years. However, this may be a way for you to regain control of your financial situation and begin rebuilding your credit.

Automatic Stay

One of the many benefits to bankruptcy is the fact that creditors are barred from contacting you. Once you have retained a lawyer and filed for bankruptcy, whether it is Chapter 7 or Chapter 13, all incessant contacts from creditors must stop. Our firm can ensure that creditors are contacting us, not you, once we are your counsel in a bankruptcy.

For more information about Chapter 7 bankruptcy and what this may mean for you, call our firm at 740-689-1372 or contact us online. We can arrange an initial consultation for you at our Lancaster or Columbus, Ohio, law offices.