How to File Chapter 7 Bankruptcy

How to File Chapter 7 Bankruptcy

Initially, it is important to make certain that you qualify for a Chapter 7 Bankruptcy.  There are several steps one must take in anticipation of filing a bankruptcy, it would be a waste of both time and money to find out down the road that you don’t qualify for the Chapter 7 Bankruptcy relief desired.    To determine eligibility of filing a Chapter 7 Bankruptcy, our law office performs an appraisal on any real estate owned and calculates family income and expenses.  A home appraisal is necessary to determine whether any non-exempt equity exists.  Further, family income and expenses are most relevant for means testing under the Bankruptcy Code.

Once it is determined that one qualifies for Bankruptcy, we must analyze your debt.  A Chapter 7 Bankruptcy discharge is generally a discharge of all unsecured non-priority debt, such as credit cards, personal loans, medical bills, pay day loans, past due utility bills, etc.  The debts that are not included in a Chapter 7 are priority or non-dischargeable debts such as most IRS debts, child support, alimony, government fines and student loans.  As far as secured debts, homes and cars, the filing party usually has the choice to reaffirm (keep), redeem(keep and lower payments based on fair market value) or surrender (give back) the secured property.

So now that it is determined that you are eligible and what debts need to be included, there are several items our office will need from you in order to file an accurate bankruptcy petition on your behalf.  Such items include pay stubs, tax returns, driver’s license, social security cards, financial statements and other easily accessible documents.  After all items are provided credit counseling will be ordered on your behalf.  Clients frequently ask me, do I have to go to a counseling class and for how long?  The class is set up for you to complete online or over the phone in the comfort and privacy of your own home and generally takes 20-40 minutes, upon your completion a certificate is automatically emailed to our Philadelphia bankruptcy law office.  Upon completion of the course and putting all documents into a Chapter 7 Bankruptcy Petition, the filing is made on your behalf.

Once the Chapter 7 Bankruptcy filing is made, all creditors must stop all collection action against you, meaning all letters, phone calls and lawsuits muct cease by virtue of the automatic stay employed in a bankruptcy filing.  In a Chapter 7 Bankruptcy, there is usually only one meeting one must attend.  It is known as the 341 Meeting, held in an administrative setting and usually lasts less than 20 minutes.  After the 341 Meeting, one must complete the second course, financial management and the only thing then to do is wait for a discharge.  The Discharge in Chapter 7 Bankruptcy generally takes 90-120 after the meeting days to be mailed to the Petitioner.  After you receive the discharge you are officially debt free!

If there are any general questions or topics you would like to read about relating to bankruptcy law in the Philadelphia, Pennsylvania region, you may contact the Philadelphia Bankruptcy Lawyers at Sadek Law Offices, LLC at 215-545-0008  or (877) 4-LAW-411 or email brad@sadek-cooper-site. Thank you.

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Lavern Baker
Lavern Baker
17:03 23 Feb 18
You are all super lawyers. Brad and Matt made me feel comfortable. Every one in your office so nice and just made it easy. You’re the best!
peter b
peter b
19:42 21 Feb 18
Thank you, Sadek and Cooper Law offices for your dedication on my behalf. I appreciate Matthew and Patrick and your staff and all that everyone did to support me in this legal matter. You took an embarrassing, sad experience, for me, and turned it into a successful solution without all the emotional pain expected. After dealing with a loan modification company for over eighteen months without going to an attorney first that is the biggest mistake anyone can make. The Modification Companies set out to sell you lies, broken promises and dilute the homeowner's assets with no knowledge of any kind of law. I can't stress enough stay away from Modification companies, as a Military Veteran and family man, protect you or your family best interest. Go directly to Sadek and Copper you will not regret it! This firm moves with Super speed and diligence protecting you and your family's the entire process, even after watching some of these other attorneys in the courtroom appearing to mishandled their clients’ cases before the Trustee. You made it easy and I’m finally getting my financial life back on track! Thank you for your prompt replies to me, your clear information and preparation needed when at the courthouse. I would of course recommend you to others and I am glad you were the one who had my case. Kind genuine law firm who treats you like family. God bless you all and I pray for your continued success in your field of expertise. This firm is Super Lawyers for a reason. They are the best at what they do! Pete
Doug Tinlin
Doug Tinlin
06:55 15 Feb 18
Brad Sadek gave me hope when he decided to handle my mortgage for enclosure defense. I had exactly 10 days left of the 30 days ultimatum given me, but he was able to bargain for an extra 30 days for me to pay up. That duration turned out just right.
Jacinth Jacinth
Jacinth Jacinth
16:07 31 Jan 18
Excellent service. Brad and Matt were outstanding and friendly. They helped me through this. I’ve never met attorneys like these. Thank you!
julie njoku
julie njoku
12:29 24 Jan 18
Brad Sadek is excellent!. He understands and he's fair. You feel like you have someone fighting for you. The staff is friendly, professional, and courteous. These guys are the best at what they do !
Owen Black
Owen Black
20:14 09 Jan 18
Thanks for the great service! I would recommend this firm highly. Throughout the years I have been helped by this firm greatly and very much appreciated.
Steven Rychalsky
Steven Rychalsky
15:30 09 Jan 18
Sadek and Cooper law office was a wonderful experience to work with. Bankruptcy is a difficult experience but they helped with the stress so much and made it easy. I would recommend Sadek and copper too anyone.
Chris Kourelias
Chris Kourelias
19:09 28 Dec 17
Working with both Brad & Matthew was a pleasure. Both gentlemen are extremely knowledgeable and helpful in providing me the right assistance needed to make the correct decision to benefit me in the long run. I would recommend both candidates to anyone looking for assistance with a reputable law firm.
Jennyfer Santana
Jennyfer Santana
21:17 21 Dec 17
Highly Recommended. Matt & Brad assisted with my case. I felt comfortable throughout the entire process. Matt was very understanding, patient, and ensured he answered all my questions! Both great guys and very friendly! It was a pleasure working with Matt and Brad.
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