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Chapter 7

Would you like to stop a wage garnishment, a foreclosure or protect your checking account from a judgment?  Many of the ads that you read talk about getting rid of debts.  Quite often these ads are really advocating straight bankruptcy.  Straight bankruptcy or Chapter 7 of the United States Federal Bankruptcy Code allows you to discharge, which means get rid of, NOT pay back, debts, bills and financial obligations and keep almost everything you own as per state exemptions.  Often you pay back very little and keep all of your property.  Straight bankruptcy, in most instances, gives a family or a single adult, a chance to start again without the real burden of bills.  Straight bankruptcy allows you to have a fresh start and even to buy property again.  Did you know that many people do straight bankruptcy, Chapter 7, and keep their home, car, furniture and cash in the bank?  Well, they do.  It’s a federal law and it’s their right. 

Let’s go back for a second.  Let’s talk a little bit about some of these statements.  A lot of people come into the office and say, "Gee, my mom and dad told me that if I did a straight bankruptcy, I’d never be able to buy a home again."  Well, in the old days that might have been true, but today it’s not.  There are thousands and thousands of FHA and VA assumable loans.  You will have to save up a little bit of cash, but you can buy property again almost immediately.  Okay, many people say to me, "What about a car?  I’m not going to be able to get an automobile."  Well, that’s not true because when you do a bankruptcy, you get rid of all of your debts.  You’re an excellent risk to the car dealer and it gives him the opportunity to maybe charge you a little bit more interest and ask you for a little bit more money down, but he knows you’re not going to do a bankruptcy again for quite some time. 

What about credit cards?  People say, "Gee, I’m not going to get a credit card."  Not true again.  We’ll give you a list of banks where you can open up a savings account and they’ll hold that savings account as collateral and they’ll give you a Visa or Mastercard.  That’s called a secured Visa or Mastercard and that’s where you start.  You make your car payment.  You make your Visa payment.  Now you can cash checks.  After one year of established credit, conventional lenders (that’s banks and savings and loans) will consider you for a house loan.  After four years, the FHA, (that’s the federal government) will consider you for a low interest house loan and that’s basically how it works.  There’s a lot of information that you really need to have about bankruptcy to fully understand it, but basically it was created so that people shouldn’t have to suffer.  They should have the opportunity to have a fresh start and that’s exactly what bankruptcy gives you. 

So, you can have a car, a home, you can have a credit card and what does it do to your credit report?   Well, your credit report probably doesn’t look to good to begin with, but at least it stops the aging process.  In other words, those things that are two months or three months or four months behind will never get any older than that.  And that’s going to look good for you.  If they’re real old, then you might as well get rid of them and start fresh with a straight bankruptcy, if you can.  The thing that I want you to remember is it STOPS the aging process and that’s important because when the aging process stops, the WORST that your credit report will ever look is the day that we filed your petition.

Blog for Chapter 7

• Can I Get in Trouble for Hiding from the Repo Man?
• Can I Keep my Motorcycle in a Missouri or Illinois Chapter 7 Bankruptcy?
• I’ve Fallen behind on Credit Cards. What Do I Do Now?
• Should I Be Renting after a Chapter 7 Bankruptcy in Missouri or Illinois?
• What If I Just Give Up on my Debts?
• How Much Time Does a Chapter 7 Take in Missouri and Illinois?
• Can I Walk Away from My Car in Missouri or Illinois?
• Can I file chapter 7 if I’m not current on house payments?
• Can a Creditor Stop the Discharge of your Credit Card Debt?
• How Can I Make Sure I Have Good Chapter 7 Information?
• What Can You Do If Your Creditors Are Breaking the Law?
• Should I File a Chapter 7 Even After a Foreclosure in Missouri or Illinois?
• Overland Park Man’s Scheme Leads Victims To Bankruptcy
• New Credit Card Laws Give a New Look to Your Statement—and Your Credit Card Debt
• Bankruptcy after Foreclosure: Still an Option for Your Family
• Is There a Different Strategy to Filing Illinois Chapter 7 Bankruptcy?
• Can You Get Rid of Back Taxes with Missouri or Illinois Chapter 7 Bankruptcy?
• Do You Lose Your House in a Chapter 7 Bankruptcy?
• How Do You Know if Missouri or Illinois Bankruptcy Is the Right Option for Your Small Business?
• Is the Illinois Chapter 7 Means Test Really Different from the Missouri Chapter 7 Means Test?

Library for Chapter 7:

• Can Missouri or Illinois Chapter 7 Bankruptcy Get Rid of a Deficiency?   
  Description: If your home sells for less than it is worth at a foreclosure auction, you may still owe on your mortgage. But, there may be a way for you to get rid of that deficiency balance--and the rest of your debt...
• What if I stop paying credit card bills in Missouri?   
  Description: When you have to choose which debts to pay, you may think it is a good idea to stop paying your credit cards. After all, they can't take any of your assets...or can they?
• How to Keep a Car When Filing Chapter 7 Bankruptcy in St. Louis, MO   
  Description: Many people think that filing Missouri or Illinois bankruptcy means they have to give up things like their car or home. The reality is that there are multiple ways to keep your car, if that is what you need to do...
• What Is the Difference between Chapter 7 and Walking Away from your Debts?   
  Description: Though it may seem that you could take care of your debt yourself, Chapter 7 bankruptcy is a much safer way of getting relief from your creditors.
• What’s the Time Line for Illinois and Missouri Chapter 7 Bankruptcy?   
  Description: When you decide to get out of debt, you are ready to be out of it immediately! It is natural to wonder how long it will take to get all the benefits of bankruptcy. So, how long will it take?
• Can Your Wages Be Garnished after Repossession in Missouri or Illinois?   
  Description: Having to deal with a repossession in Missouri or Illinois is bad enough. What if you have to deal with a Missouri or Illinois wage garnishment on top of that? What can you do?
• Can I keep my home in a Chapter 7?   
  Description: Keeping your home in a Chapter 7 involves jumping through a few hoops. What should you be prepared for if you intend on keep your home after getting your fresh start?
• Understanding Secured Debt And Unsecured Debt   
  Description: Secured debt and unsecured debt are treated differently during the bankruptcy process in Missouri and Illinois - but do you understand the difference between the two major types of debt? Learn more about secured and unsecured debt and how your debt will be treated during bankruptcy.
• Where Can You Find Credit Card Debt Relief? | O’Fallon Bankruptcy Attorney   
  Description: Finding a solution to credit card debt that actually works can be like finding a needle in a haystack. There is, however, credit card debt help available for you in a form you may not have thought of.
• Where Can I Find Chapter 7 Bankruptcy Information?   
  Description: Finding good and reliable Chapter 7 information isn't as simple as plugging a search term into an engine. So, how do you know where to start looking?
• Where Can I Find Chapter 7 Bankruptcy Information?   
  Description: Finding good and reliable Chapter 7 information isn't as simple as plugging a search term into an engine. So, how do you know where to start looking?
• Missouri Garnishment Laws: When Will Creditors Garnish my Wages?   
  Description: Having your wages garnished isn't a pleasant situation to be in. At what point can you expect a creditor to garnish your wages? Do only certain creditors do it? Is there a specific time period?
• Are Alimony and Child Support Payments Forgiven in a Bankruptcy?   
  Description: While child support payments and alimony payments are considered non-dischargeable, it still may be wise to file Missouri or Illinois bankruptcy if you are having trouble fitting the payments into your budget.
• Creditor Calls in Missouri and Illinois: Can You Fight Back?   
  Description: One accountant has decided to fight back against harassing creditors calls. You don't have to put up with unfair practices by your creditors but it may not be a way to simply escape your debt.
• Should I “Walk Away” from my House and File a Chapter 7 in Missouri or Illinois?   
  Description: Deciding to "walk away" from your house in foreclosure isn't quite as simple as it seems. In fact, you might want to read some information from a reputable St. Louis bankruptcy attorney to see what else you might be giving up--or adding to your debts.
• Chapter 7 Bankruptcy and Student Loans In Missouri | St. Louis Bankruptcy Attorney   
  Description: Many college graduates struggle with student loan debt in addition to other forms of debt. But can Chapter 7 bankruptcy erase student loan debt? Those it can in some cases, the answer is usually "no".
• Getting Out of Debt in Missouri and Illinois: Chapter 7 vs. Debt Settlement   
  Description: If you are trying to find a solution to your credit card debt or relief from your harassing creditors, you might be debating between Missouri and Illinois Chapter 7 or Debt settlement. But which one will be better for your situation?
• Can You Reopen a Bankruptcy Case? | Missouri and Illinois Bankruptcy Lawyer   
  Description: Reopening a case is not as simple as it seems--and is not the same concept as re-filing a case. But, if you have a qualified and experienced St Louis Missouri bankruptcy attorney, it may not be a problem.
• Are Credit Card Companies Targeting Your Children Too? | St. Louis Bankruptcy Attorney   
  Description: Today, my two youngest children received credit card offers from Chase in the mail. This event brings to light a disturbing new marketing tactic by the credit card companies that may be involving our underage children.
• What Will a Debt Settlement Office in St. Louis Really Do for Me?   
  Description: If you are looking for a debt settlement company in St. Louis, there may be a few things you want to consider before you hire one. Often, debt settlement companies are not what they seem. There are, however, some safer alternatives.

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Frequent Questions for Chapter 7:

• After foreclosure and chapter 7, can you buy a house again?
• Can I keep my car, motorcycle, or other vehicles in bankruptcy?
• Will I automatically lose my house in a Chapter 7 bankruptcy?
• I am currently in the process of preparing to file for Chapter 7 bankruptcy. I have been current on my house and car payments. There is no equity in the house as I now owe more than it’s worth. In my filing, do I need to list the house and vehicle because I don’t want to risk losing them?

• Can Your Furniture Be Taken in a Chapter 7 Bankruptcy?
  

• What is the difference between secured and unsecured debt?

Web Resources for Chapter 7:

• The St. Louis Bankruptcy Blog

  Description: This blog addresses the local issues surrounding bankruptcy, handling debt, and options for relief. It can help you learn more about your own situation and keep up with the latest news in debt relief.

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