The Benefits of Chapter 7 Bankruptcy, Part 2

Chapter 7 Bankruptcy in Beverly, MA |

Once your Chapter 7 bankruptcy has been filed, a meeting with your creditors typically follows in around six weeks. Your attendance is required at this meeting to answer questions under oath regarding your finances. Your bankruptcy attorney from The Law Offices of Christopher W. Parker attends the meeting with you. In approximately two months after your meeting with creditors, you receive your discharge order and the order closing your case. When you hire the right lawyer for your Chapter 7 bankruptcy in Beverly, MA, he or she ensures that everything filed with the court is correct and that you meet all of the requirements to qualify for a bankruptcy discharge.

Contrary to popular myth, you don’t lose everything when you file a Chapter 7 bankruptcy. Most Chapter 7 cases are “no asset” cases, which means that debtors do not lose any of their property. If you have a car loan, you must continue to make the loan payments, and you may be required to sign a Reaffirmation Agreement by the creditor. Reaffirmation Agreements must also be approved by the bankruptcy court.

By filing a Chapter 7 bankruptcy, it’s possible you can be debt free in 120 days or less. When your debts are discharged, your legal team should do everything possible to ensure your bankruptcy case moves forward as quickly as possible.