03.01.11 - The Senate and House of Representatives are drafting legislation allowing individuals to REDUCE (cram-down) the principal balance of their mortgage to the current value of their home...
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Chapter 7 Bankruptcy is sometimes called a “liquidation” bankruptcy. When an individual or a couple files for Chapter 7 Bankruptcy, he or she may be able to discharge (cancel or eliminate) a majority of their unsecured debt.

In most cases, simply eliminating unsecured debt allows individuals or couples to get a fresh start. This makes necessary living expenses more affordable, and allows individuals to properly plan for their future. Among other things, this money can be used to save for retirement, education, and traveling rather than to pay down debts that may take years to pay-off.

US Bankruptcy Code - Wikipedia


Determine if Bankruptcy is your only option

Have your case evaluated for free by using the form on this website. One of our Attorneys will contact you to discuss your situation and put you in touch with an Attorney in your area. There is no obligation. If it is determined that filing is in your best interests, you may choose to schedule an appointment with an Attorney to go over your financial situation in more detail.

Obtain the services of an Attorney

If you do choose to file, it is important to have an attorney at each stage of the process. Your attorney will alleviate the stress of filing for bankruptcy while providing the necessary representation to protect your interests. Once a bankruptcy is filed, everything you own or have a claim to becomes part of the bankruptcy estate. The Court will appoint a trustee to analyze and administer your estate which includes the majority of your assets and liabilities. The Trustee is most likely an attorney as well, therefore you will need the assistance of an attorney on your side to help protect your assets against the claims of the Trustee. This requires experience, knowledge of the law, diligent research, effective planning and time. To Find a competent Attorney in your area, contact us.

Filing your Case

Once you choose to file, a face to face meeting with your Attorney to go over your financial situation in more detail occurs at this time. This typically involves bringing with you all pertinent bills, pay stubs, and other documentation to file the petition with the local court. Your Attorney will draw up the necessary documents and will file them with the court on your behalf.

Once the documents have been received, the Court will also send a letter to your creditors notifying them that a Chapter 13 bankruptcy has been filed. At this point, creditors are required to discontinue any communications with you. This is known in Bankruptcy as the Automatic Stay. Once the Automatic Stay takes effect, creditors will no longer be able to:

    1. Continue foreclosure proceedings against your home.
    2. Continue a repossession action against your car or other property.
    3. Send Collection letters.
    4. Continue making harassing phone calls.
    5. Begin or continue to garnish your wages.
    6. Begin or continue to sue you.

An experienced attorney can help protect you from any violations of the automatic stay.

Meeting Of Creditors (typically 4 weeks after filing)

The next step in the process is a meeting with the trustee pursuant to section 341a of the bankruptcy code, also known as the Meeting of Creditors. You and your Attorney will be required to attend. After the meeting is conducted, the trustee will make a recommendation to the court on the administration of the estate. During this process, you have certain rights and protections that will need to be guarded. This can be done through effective bankruptcy planning and strong representation.


The last step in the bankruptcy process is the discharge. The discharge is typically issued 90 days after the bankruptcy is filed. The discharge is the main reason people file for bankruptcy. It is the official cancellation of the debts pursuant to section 727 of the bankruptcy code. It includes any debts that do not survive the bankruptcy.