Covington Chapter 7 Bankruptcy Lawyers

Get the Fresh Start you Need with a Chapter 7 Bankruptcy

All of us can run into serious financial problems at some point in our lives. The loss of a job, a serious illness or a divorce can cause major debt issues. It is important to understand that you do not have to take extreme measures to try to get out of debt. Rather, get a fresh start and file for bankruptcy. Michael E. Plummer & Associates has helped tens of thousands of people throughout the Tri-State area over the last 25 years.

Is Bankruptcy right for you? What’s included? To find out what exactly how this applies to your situation, just, set up a non-obligation Consultation with Michael. We often also get the question: How Often Can I File Bankruptcy? 

Qualifying for Chapter 7 Bankruptcy

In order to qualify for Chapter 7 bankruptcy, you must first pass what is known as the “means test.” In order to pass the means test, generally speaking, your household income must be under the median income of your state. We can help you figure this out, or you can calculate it using the means test forms here. If you cannot pass the means test, you will still be able to file Chapter 13 bankruptcy. In addition, you must take credit counseling classes before you can file Chapter 7. Once we have determined what kind of bankruptcy relief you are eligible for, we will prepare your bankruptcy petition.

Your bankruptcy petition will include a list of your creditors, the amounts you owe, your income, your property and your monthly expenses. A bankruptcy trustee will be appointed to your case. The bankruptcy trustee will liquidate, or sell, any non-exempt assets you own. Many people are worried about losing property in bankruptcy. Our lawyers will go over your assets to determine whether or not any of your property is subject to liquidation.

After you file your bankruptcy petition, your creditors will have a chance to object to the discharge of certain debts. If there are no objections, and as a practical matter, there are rarely objections, you will receive your discharge. Once you receive your discharge, your bankruptcy will be complete. When you receive your bankruptcy discharge, your unsecured creditors can no longer seek payment for your debt