Bankruptcy Information You Need to Know

Jonathan Petts

Jonathan Petts - Executive Director
July 3, 2018

Looking for chapter 7 bankruptcy assistance?

Finding Out What You Need to Know

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When you are struggling with debts that you cannot pay, you may search for bankruptcy information online. The good news is that you have found a company that can help you get the debt relief you need.

If you need a fresh start, click here to begin Upsolve's free bankruptcy process. We are a non-profit company dedicated to helping individuals and couples who cannot afford an attorney file Chapter 7 to get rid of their debts.

Bankruptcy Information About Chapter 7

Chapter 7 is a liquidation bankruptcy. However, do not let this bit of bankruptcy information frighten you from seeking bankruptcy relief. The benefits of filing under Chapter 7 typically outweigh the potential risk of losing any property.

In most cases, debtors in Chapter 7 eliminate all their unsecured debts while keeping all their property. Bankruptcy exemptions protect your property from creditors and the Chapter 7 trustee. Based on bankruptcy information available from Chapter 7 trustees, the typical Chapter 7 case is a no-asset case.

In a no-asset Chapter 7 case, the bankruptcy information indicates that the debtor retains all his or her property. By claiming the federal bankruptcy exemptions or the bankruptcy exemptions in your state, you can protect your property and get rid of your debts.

Why Do People File for Chapter 7 Relief?

There are many reasons why a person may need to file for bankruptcy relief. Available bankruptcy information indicates that some of the top reasons for filing Chapter 7 include:

  • Medical bills
  • Unemployment
  • Divorce
  • Death of a family member
  • Closing a business
  • Decrease in income
  • Unexpected illness or accidental injury

It does not matter why you are in debt. You can file for Chapter 7 relief, even if you got in over your head with credit card debt. That piece of bankruptcy information may be the most important bankruptcy information you take away from this article.

Are You Sure I Can File Chapter 7 to Get Rid of Credit Card Debt?

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If you meet the income qualifications for a Chapter 7 case, you should be able to file under Chapter 7. The bankruptcy information we provide helps you determine if you qualify for bankruptcy relief under Chapter 7.

Credit card debt is one of the most common types of debt included in a bankruptcy case. Credit card debt is considered unsecured debt. Unsecured creditors do not have a lien on collateral.

In other words, a credit card company does not have a mortgage or hold title to your property. The only way for a credit card company to collect a debt is to file a collection lawsuit to obtain a judgment. If your state allows for wage garnishments, the creditor may be able to garnish your wages if it obtains a judgment.

However, the good news is that based on the bankruptcy information you will learn as you go through our process, filing a Chapter 7 bankruptcy case stops wage garnishments. You will learn about bankruptcy information related to the automatic stay that prevents creditors from pursuing debt collections after you file a bankruptcy petition.

How Long Does It Take to Finish a Chapter 7 Case?

Most Chapter 7 cases are completed within four to six months, according to bankruptcy information from the courts. When you file your bankruptcy forms, the court schedules a hearing. The First Meeting of Creditors is usually the only hearing a Chapter 7 debtor attends.

This hearing is conducted by the Chapter 7 trustee assigned to your case. The bankruptcy information you receive from the court will direct you when and where the hearing will take place. In most cases, creditors do not appear at this hearing.

The trustee asks questions about your bankruptcy filing, including your income, expenses, and debts. The bankruptcy information the trustee is referring to is the information you included in your bankruptcy forms.

Most Chapter 7 hearings take between five to ten minutes to complete. Once the hearing is complete, most debtors do not need to do anything other than finish their second bankruptcy course and wait for their bankruptcy discharge.

Bankruptcy Information About Required Bankruptcy Courses

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Before you file your bankruptcy case, you must complete the first bankruptcy course. The Credit Counseling Course is offered online for a minimal fee. The Credit Counseling Course provides bankruptcy information that can be helpful when completing your bankruptcy forms. Some debtors may qualify to waive this fee based on their income level.

If you do not complete the pre-bankruptcy course and file a certificate of completion with your bankruptcy petition, the court may dismiss your bankruptcy case.

In addition to the pre-bankruptcy course, you must also complete a second bankruptcy course to receive your bankruptcy discharge. The second course is the Debtor Education Course. The Debtor Education Course provides information on how to create budgets, save money, and manage debt.

Our bankruptcy information includes instructions for completing each of these courses. It is very important that you complete the second bankruptcy course. If you do not file a certificate of completion before the deadline provided in the bankruptcy information from the court, you will not receive a bankruptcy discharge.

What is a Bankruptcy Discharge?

A bankruptcy discharge is the ultimate goal of filing for Chapter 7 bankruptcy relief. Your bankruptcy discharge eliminates your legal liability for repaying a debt. Therefore, when you receive your bankruptcy discharge, creditors whose debts have been discharged cannot try to collect those debts from you. Those debts are gone forever.

Our bankruptcy information explains a Chapter 7 discharge in more detail. We want to help you obtain bankruptcy relief, even if you cannot afford to pay an attorney for help.

Can I File Chapter 7 Without an Attorney?

Yes, you can file a Chapter 7 bankruptcy case without an attorney. We take you step-by-step through the process of completing your bankruptcy forms. We explain how to file your forms with the bankruptcy court and what to expect during your case.

Before you file your forms with the court, an attorney reviews your bankruptcy information. We want to help you get the fresh start you need so that you can move forward and recover after experiencing a financial crisis.

Do You Want More Bankruptcy Information About Filing a Chapter 7 Without an Attorney?

If this sounds like the solution for you, get more bankruptcy information from Upsolve and learn about our mission. We are a non-profit organization that helps low-income individuals and families experiencing a financial crisis get a fresh start through Chapter 7 bankruptcy at no cost.

Watch past users who are just like you explain how it works, and join the millions of others who have gotten a second chance with bankruptcy.

We do not expect you to understand bankruptcy laws or bankruptcy rules. We provide the bankruptcy information you need to file Chapter 7 without an attorney. You can do this! You can get rid of your debts and stop creditor harassment by filing a Chapter 7 bankruptcy case.

Please let us help you get out of debt. If you are ready to take the first step to a debt-free life, we encourage you to request additional bankruptcy information from Upsolve. It is as easy as entering your email address and clicking a button. Do not let debt continue to keep you up at night. Get rid of that debt by filing a Chapter 7 bankruptcy case.

A fresh start is in reach!

Start with Upsolve

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See if you qualify for our tool by taking our 10 question screener. You can use the tool right away if you qualify and at your own pace.

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Upsolve is a 501(c)(3) legal aid nonprofit that started in 2016. Our mission is to help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost. We do this by combining the power of technology with pro bono attorneys. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have mission-driven funders that include the U.S. government, former Google CEO Eric Schmidt, and private charities.

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