Attorney Mark Marshall: Affordable Representation For All Your Legal Needs.
Chapter 7 Bankruptcy: $500 Legal Fees. Payment Plan Available.
Westlake, Independence and Beachwood locations.
Handle Bankruptcy matters in Cleveland, Akron and Canton
Chapter 7 Bankruptcies
Chapter 7 bankruptcy is a process by which your non-exempt property (property not protected by law) is liquidated and the monies used toward payment of your creditors. At the end of that process, you are given a clean slate, as your remaining applicable debt is wiped away. It offers the following advantages to potential debtors:
- It is a simplified process that usually only takes five to six months and typically requires the debtor's appearance only at the Meeting of Creditors.
- It offers immediate protection from creditors who are prohibited by a bankruptcy stay from moving forward with further garnishments, foreclosure proceedings, harassment, or other collection activities.
- It generally allows you to keep most of your property including your house, car, retirement plans, Social Security payments as well as most personal possessions.
- It will eliminate most of your debts.
- It allows you to surrender secured property (such as a home or car) that you no longer want to keep and get out from the underlying debt.
Although most people can file Chapter 7 bankruptcy, there is a legal prohibition for people who have filed and received a Chapter 7 bankruptcy discharge within the last eight years. Moreover, debtors who make above the median income must further demonstrate that they do not have the ability to at least partially repay their debts in a Chapter 13 bankruptcy. Chpater 7 bankruptcy does not eliminate specific types of taxes, student loans, child support/alimony, debts incurred via fraud, and other certain types of debt, nor can Chapter 7 bankruptcy release any liens or mortgages a person my have on their secured property such as a home or car.
My attorney fees for a Chapter 7 are $500.00 (in addition to a $335.00 filing fee). Also, there is a requirement by the bankruptcy court that a debtor complete courses in both consumer credit counseling and personal financial management (typically $50.00). I also strongly recommend that a Chapter 7 debtor obtain a credit report as the most effective tool to try and make sure that all of your creditors are listed ($33.00 for a single debtor and $53.00 for joint debtors). A payment plan is available.