Chapter 7 Bankruptcy- Liquidation
Chapter 7 Bankruptcy Law
The top three reason people need a bankruptcy are divorce, loss of job or medical debt.
Chapter 7 may be right for you if your debts are primarily consumer or business debts relating to your home, your business or other personal reasons, and you are willing to have debts discharged through the liquidation of non-exempt assets.
Additional considerations are determined by whether your current income falls above or below the median income in your state.
Contact Attorney Wagman to discuss exempt assets and decide if this type of bankruptcy is right for you and your financial future.
Always consult an attorney to help guide you on the right type of bankruptcy for you. Attorney Gregg Wagman has been a trusted advisor to individuals facing bankruptcy for over 30 years.
You are not alone. Watch our free video webinar to help decide if bankruptcy, or which type of bankruptcy, is right for you.
Notice Required by 11 U.S.C. U.S.C. § 342(b) for Individuals Filing for Bankruptcy (Form 2010)
"Because bankruptcy can have serious long-term financial and legal consequences, including loss of your property, you should hire an attorney and carefully consider all of your options before you file. Only an attorney can give you legal advice about what can happen as a result of filing for bankruptcy and what your options are. If you do file for bankruptcy, an attorney can help you fill out the forms properly and protect you, your family, your home, and your possessions.
Although the law allows you to represent yourself in bankruptcy court, you should understand that many people find it difficult to represent themselves successfully. The rules are technical, and a mistake or inaction may harm you. If you file without an attorney, you are still responsible for knowing and following all of the legal requirements.
You should not file for bankruptcy if you are not eligible to file or if you do not intend to file the necessary documents.
Bankruptcy fraud is a serious crime; you could be fined and imprisoned if you commit fraud in your bankruptcy case. Making a false statement, concealing property, or obtaining money or property by fraud in connection with a bankruptcy case can result in fines up to $250,000, or imprisonment for up to 20 years, or both. 18 U.S.C. §§ 152, 1341, 1519, and 3571."