Chapter 7 Bankruptcy

 

Get a Fresh Start


Some people think that bankruptcy is the end of everything — that they will lose their property, have a tarnished credit record and will never be able to buy a car or house again.  This is not true.  With the help of an experienced bankruptcy attorney, you can keep all or most of your property while obtaining debt relief. Bankruptcy may be the fresh financial start that you need.

 

 

How We Can Help

 

At the Law Office of Jason D. Arnold, LLC, we help people reduce or eliminate their debts through Chapter 7 and Chapter 13 bankruptcy.  We also provide on-going advice to our clients that can help them avoid financial problems in the future and rebuild their credit.


There is life after bankruptcy, and at the Law Office of Jason D. Arnold, LLC, can point the way.  Contact us to schedule a FREE consultation with an attorney.

 


The Bankruptcy Process

 

As part of the bankruptcy process, you will be required to take two courses -- one for credit counseling before you file and one for financial management after you file.  Both must be completed before your debts are discharged.  These are short but informative sessions that can help you understand the bankruptcy process and the steps you can take to stay out of financial trouble in the future.

 

 

Some basic guidelines you should consider:

  • As incredible as it may seem, you will begin to get credit card offers soon after our firm files bankruptcy for you. Be careful -- these cards will come with high interest rates, a high annual fee and a short grace period.

 

  • If you have to buy a car after filing, you may have to pay an interest rate as high as 28%. But you may have other options.  We can help you make the right decision.

 

  • It may still be possible to buy a house in the years immediately following your bankruptcy.  A lawyer at our firm can help.


After filing, your credit rating can actually improve slightly, because lenders see that you are making efforts to control your finances.  Your bankruptcy will stay on your credit record for a number of years.  But as time passes, and as long as you have healthy credit practices, it will affect you less and less. 

 

 

Chapter 7: Fresh Start Bankruptcy

A chapter 7 bankruptcy case begins with the debtor filing a petition with the bankruptcy court. The court charges a $306 filing fee.  A debtor must complete credit counseling prior to filing his or her petition.

 

Why File A Chapter 7 Bankruptcy?

  1. Most (and in some cases all) debt is eliminated.
  2. Creditor hassling ceases since it is a violation of federal law to contact a debtor who has filed a bankruptcy.
  3. Credit score will improve over time since the bills that were not getting paid no longer exist.
  4. You get the peace of mind that goes with getting a "fresh start" to your financial life.
  5. You no longer have to fear wage or bank account garnishment from judgment creditors.
  6. Many businesses can continue operating despite a bankruptcy filing.



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