Seeking A Fresh Start Through Chapter 7 Bankruptcy
The most common bankruptcy is a Chapter 7 bankruptcy, which allows people to retain most, if not all, of your personal property, including your home, your car, your furnishings and your retirement accounts. With over 30 years of experience in Maine law, I have guided numerous clients through Chapter 7 bankruptcy.
As a trusted Chapter 7 bankruptcy lawyer at Regan Law LLC, I offer personalized support and guidance for those seeking debt relief throughout Maine, including those in Topsham and Sagadahoc County. As an experienced bankruptcy attorney, I will ensure you understand your options and make informed decisions about debt relief.
Why File For Chapter 7 Bankruptcy?
Some people worry that Chapter 7 bankruptcy means losing everything, but that is not the case. In fact, filing for Chapter 7 bankruptcy offers several benefits, such as:
- It can eliminate most credit card debts.
- You can keep essential assets through exemptions.
- It stops creditor harassment because creditors can no long contact you once you file.
- The process usually takes about 3 ½ months from start to finish.
When considering a Chapter 7 bankruptcy filing, it is essential to understand how it can help you discharge debts and regain control of your finances. It can eliminate credit card debt, medical bills, payday loans and even some taxes, because the creditors cannot collect from you after you are discharged.
However, child support, recent taxes and most student loans (which require a showing of undue hardship), typically cannot be discharged. Nonetheless, student loan law is constantly changing, and other options may be available to help manage that part of your debt.
Common Questions About Chapter 7 Bankruptcy
If you are thinking about pursuing a fresh start via bankruptcy, it is natural to have questions. I answer some common questions about the Chapter 7 bankruptcy process below.
Will I be able to keep my car and house?
Some people worry that Chapter 7 bankruptcy means losing everything. In my experience as a bankruptcy attorney, the most common concern for clients is keeping the house and car. As long as you have enough income to make the monthly payments, you can keep your house and car.
How much does Chapter 7 bankruptcy cost?
The fee is typically dependent upon the complexity of the case. However, I offer a flat fee for individuals and couples that includes a special credit report and the court filing fee. Call me for a specific quote.
How long does the Chapter 7 bankruptcy process take?
The process usually takes four to six months from start to finish. An automatic stay goes into effect right away, stopping most collection actions.
Take Control Of Your Debt By Consulting With A Bankruptcy Attorney
Don’t let debt overwhelm you. As your trusted Chapter 7 bankruptcy attorney, I can help you understand your options and take informed action. With a no-cost bankruptcy consultation, you can discuss your situation and explore affordable bankruptcy solutions. Call my firm at 207-543-3985 or fill out my online contact form to book your consultation.
Regan Law LLC is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code.