Chapter 7 Bankruptcy

WHAT is CHAPTER 7 BANKRUPTCY?

Chapter 7 bankruptcy, often referred to as a "fresh start," offers individuals and businesses the opportunity to eliminate their debts and regain financial stability. However, navigating the complexities of Chapter 7 bankruptcy can be daunting without the guidance of experienced legal professionals.

At Ingrum & Layson LLC, our skilled attorneys specialize in Chapter 7 bankruptcy and are here to help you understand your options and make informed decisions about your financial future. We have over 40 years of combined experience in bankruptcy law and have discharged over $150 million of debt for our clients throughout Auburn and Opelika, Alabama.

What sets us apart is our commitment to providing personalized attention and support to each client. We understand that every situation is unique, and we take the time to listen to your concerns and develop a customized strategy to help you achieve your financial goals.

WHAT TO EXPECT WHEN FILING FOR CHAPTER 7 BANKRUPTCY?

Filing for Chapter 7 bankruptcy in Opelika, Alabama can provide relief from overwhelming debt, but it's essential to understand what to expect throughout the process:

• Automatic Stay: After filing for Chapter 7 bankruptcy, an automatic stay goes into effect, halting all collection actions by creditors, including foreclosure, repossession, and wage garnishment.
• Meeting of Creditors: You will be required to attend a meeting of creditors, where you will answer questions under oath about your financial affairs. Our attorneys will accompany you to this meeting and ensure that your rights are protected.
• Asset Liquidation: In Chapter 7 bankruptcy, non-exempt assets may be liquidated to pay off creditors. However, many assets are exempt under state and federal law, allowing debtors to retain essential property.
• Debt Discharge: Once the liquidation process is complete, qualifying debts will be discharged, relieving you of your obligation to repay them. Certain debts, such as tax debt, student loans, and child support, may not be dischargeable in Chapter 7 bankruptcy.

Filing for Chapter 7 bankruptcy can be a life-changing decision, and we are here to ensure that you feel confident and empowered throughout the process. Let us help you take the first step towards a brighter financial future.

The process can be extremely overwhelming but in general, filing for Chapter 7 bankruptcy involves several steps:

• Assessment of Eligibility: Our experienced attorneys will assess your financial situation to determine if Chapter 7 bankruptcy is the right option for you. We will review your income, assets, and debts to ensure that you meet the eligibility criteria.
  
  
• Means Test: You will need to pass a means test to qualify for Chapter 7 bankruptcy. This test evaluates your income and expenses to determine if you have enough disposable income to repay your debts through a Chapter 13 repayment plan.
  
  
• Credit Counseling: Before filing for Chapter 7 bankruptcy, you must complete a credit counseling course from an approved agency. Our team will guide you through this process and ensure that you fulfill all requirements.
  
  
• Filing the Petition: Once you have completed the necessary steps, we will help you prepare and file the Chapter 7 bankruptcy petition with the bankruptcy court. This document outlines your financial situation, including your income, assets, debts, and expenses.