Chapter 7 Bankruptcy:
Helping People Discharge Their Debts
When most people talk about bankruptcy, they’re usually discussing elements of Chapter 7 bankruptcy filings. In summary, Chapter 7 (sometimes referred to as liquidation) allows debtors to liquidate assets and discharge qualifying debts in a relatively short period of time.
At Troutman & Napier, PLLC, we have over 30 years of experience helping people in Lexington and across Kentucky understand their options and the potential benefits of filing for Chapter 7 bankruptcy. We explain bankruptcy in plain, honest language so you, our client, can better understand exactly how filing for bankruptcy can help you eliminate debts and achieve a fresh start.
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Do I Even Qualify For Chapter 7 Bankruptcy?
We hear a lot of questions regarding bankruptcy. How long will it take? Will filing hurt my credit? Will I lose my possessions? Do I even qualify? As your attorneys, it’s our job to help you get the answers you need to make intelligent decisions.
Common Chapter 7-related issues we often review with clients include:
- When it comes to Chapter 7, not everyone is eligible. The means test will review your income and your debt to determine if you qualify. Even if Chapter 7 isn’t for you, we can look at options for filing for Chapter 13 protection.
- Not all debts are eligible for discharge. For example, student loans, unpaid child support and certain types of tax debts cannot be discharged. Unsecured debts like credit card debt, certain types of loans and medical bills are usually discharged during a Chapter 7 filing.
- Exemptions are important during Chapter 7 because they allow debtors to hold on to specific pieces of property. Although many have heard horror stories about liquidation, the truth is that most people hold on to nearly all their possessions during bankruptcy.
- It’s important to take careful stock of your assets and debts when filing for bankruptcy. We can help make sure you understand all the requirements and guide you at every step to ensure you are compliant and treated fairly.
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Troutman & Napier, PLLC Counselors at Law
1910 Harrodsburg Rd, Ste 202
Lexington, KY 40503