Law Office of William Waldner

Hello Alexus, Typically, in chapter 7 you can keep your house snd car. (You can always keep them in chapter 13 but that is a different topic). As long as there is no equity in your asset it’s safe. Equity is determined by taking the value of your property on the day of filing minus any secured liens(car loan or mortgage). Once you find out the amount of equity you subtract your exemptions to see if there is anything available. If not the asset is safe.

Hello Kabib, Great question. Generally speaking chapter 7 is called liquidation or straight bankruptcy. Most sent can be eliminated in about 3 months with chapter 7. Some taxes, student loans and domestic support are not discharged in a chapter 7(there are a few other exceptions) In chapter 13 or wage earners bankruptcy a petitioner makes monthly payments for 36 or 60 months to a trustee. The case deals with taxes, rent arrears, mortgage arrears, late car payments and some other arrears. In a 13 people who wouldn’t qualify for a 7 can get relief. The payments are based on disposable income. Let me know if you’d like to know more.

Good question. First we should have an in-depth consultation. We need to see if there are any issues with your case. Next you will need to fill out some paperwork and provide documentation regarding your income and assets. Then I prepare the paperwork. We then review and sign the paperwork and it’s filed with the courts.

Hello Marvel, Typically, a petition, scheduled, credit counseling certificate and sometimes proof of income for the last 2 months. You will also need an state issued ID. The forms can be found at the bankruptcy clerks office. Hope that helps.