Benefits of Chapter 7 Bankruptcy in Stamford
Chapter 7 is a court-ordered process for the protection of assets and full relief from all forms of general unsecured debt. In the hands of specialized bankruptcy legal counsel, Chapter 7 is a predictable and respected process that can relieve individuals and families from overwhelming monthly debt obligations without the loss of any assets and with the full protection of all future income. Obtaining the best, most experienced Chapter 7 legal counsel is the critical first step to comprehensive debt relief eligibility and a financial fresh start.
Contact us for your free in-depth consultation today to see if you are eligible for full Chapter 7 relief. Call us at 203-230-2233 or toll free at 1-888-249-3027 or fill out our Contact Form.
The Chapter 7 Process
The Chapter 7 process is an orderly procedure that emphasizes extreme preparation as the key to predictability and overall success.
Pre-Filing Considerations: Prior to any filing, it is essential that specialized counsel concentrate on:
- Full evaluation of all debt specifics of your case
- Review and protection of all assets
- Analysis of detailed income and expenses
- Complete documentation, collection and presentation
- Means testing for full Chapter 7 coverage and relief from all debt upon filing
Filing Chapter 7: This is the actual court submission of a Chapter 7 petition form and all supporting documentation. On the filing date, it creates an Order for Relief. The filing also creates an automatic stay, which prevents any further collection actions, phone calls, lawsuits, foreclosure liens or levies immediately upon the filing of the Chapter 7 petition.
First Meeting of Creditors: This is a meeting in an office in New Haven approximately 30 days from the filing date. In the hands of our experienced and hardworking Chapter 7 counsel, this is a simple document review and short interview process that lasts approximately ten minutes. Perfect preparation and filing assures that this meeting goes smoothly and respectfully in every case, big or small.
Discharge: This is the Court Order which extinguishes or “discharges” all forms of unsecured general debt as listed on the bankruptcy petition. It is a permanent order of the federal court that clears all prior debt, protects exempt assets and protects any creditor collection from future pay or future assets.
Chapter 7 relief is all about the future. It preserves assets through standardized exemptions, relieves unsecured debt and protects future income and assets from all past obligations.
Chapter 7 Exemptions and Asset Protection
While many people are lead to believe that Chapter 7 causes a loss of assets, the reverse is actually true – Chapter 7 protects and preserves essential assets as a necessary component to assisting in a prompt and assured financial recovery. Standard exemptions include:
- Cash or other items up to $12,000+ per person
- Home equity up to $75,000 per person
- Home belongings at tag sale value up to $8,000+ per person
- Automobiles and car loans
- Life insurance equity up to $12,000+ per person
- Pension assets
- 401K accounts, IRAs and other tax qualified retirement accounts
- 529 accounts
- And others
To understand the full Chapter 7 process and how it can resolve your specific financial problems, contact an experienced Chapter 7 attorney at the Law Offices of Neil Crane. We’ve been one of the leading providers of Chapter 7 relief in Stamford and throughout Connecticut for the past 30 years. Call us at 203-230-2233 or toll free at 1-888-249-3027, or simply fill out our online Contact Form for a prompt response.