Chapter 7 Bankruptcy Lawyers
We Can Help You Get a Fresh Start on Your Finances
If you are struggling to repay your debts because you have insufficient funds or no income, then filing for Chapter 7 bankruptcy is an option you can use to take control of your situation. At Coeur D'Alene Bankruptcy & Tax Relief Center, our team of dedicated legal professionals is here to use our extensive resources and years of experience to guide clients throughout Idaho through each phase of the bankruptcy process. Reach out to our firm today so we can discuss your financial situation.
Why Do People File for Chapter 7 Bankruptcy?
Some of the most common reasons people decide to file for Chapter 7 bankruptcy include:
- Substantial medical bills
- Expensive divorce
- Overextended credit
- Unexpected expenses
How Does Chapter 7 Bankruptcy Work?
Chapter 7 bankruptcies are often called “liquidation” bankruptcies because that is the primary mechanism used to repay creditors. In Chapter 7 bankruptcy, the bankruptcy trustee will gather all of the non-exempt assets and sell them to pay the debt. The trustee can even impose a lien or mortgage on real estate property. Therefore, it is important to realize that a Chapter 7 bankruptcy will likely result in the loss of at least some personal property.
Additionally, a bankruptcy court will look at the debtor’s situation to see what type of debts led them to declare bankruptcy. If most of the debt is from credit card purchases or other types of consumer financing, then the debtor will have to prove that their bankruptcy claim is not abusing the system, otherwise, the case will be dismissed or converted to a Chapter 13 bankruptcy.
There are many steps in the Chapter 7 Bankruptcy process, from filing lists of assets and income to potential appearances before the court. The Bankruptcy Code itself is dense and contains numerous potential pitfalls. But the good news is that the seasoned legal team at Coeur D'Alene Bankruptcy & Tax Relief Center is here to assist with all of your Chapter 7 bankruptcy needs.
We Can Help You File for Chapter 7 Bankruptcy Today
We have years of experience navigating the bankruptcy courts and we’re ready to get to work on your case so we can advise the best course of action and help you make the right decisions that will protect your future.
We feel more confident with all his advice!- Crystal H.
Highly Recommend- Michelle A.
The Greatest!- Staci B.
Process Easy and Painless- Keely L.
Great Service- Marissa G.