Bankruptcy Lawyer Spence Stover – Getting Rid of Your Debt:

We know that financial hardships can happen to anyone.  Unplanned medical expenses, divorce, job loss and other financial hardships can make it difficult to pay your bills. Bankruptcy may be the best solution to help resolve those hardships and get a fresh start without the burden of unaffordable debt.

We’ll walk you through the bankruptcy process every step of the way.  We offer free initial consultations where we would be happy to answer all of your bankruptcy-related questions and determine what options you have in your individual situation. 

Bankruptcy Attorney – Chapter 7:

Chapter 7 bankruptcy is the most common form of bankruptcy filed.  It is known as a "fresh start" bankruptcy, as it allows you to regain control of your finances and start fresh with your debt.  After completing a court-approved financial counseling session, you begin the process by filing a bankruptcy petition.  This document requires information about you, your assets, your debts, and your current budget.

Bankruptcy Lawyer – Guiding You Through the Process:

Along with the petition, you will need to provide documentation regarding your wages and other income, bank accounts, retirement accounts, insurance policies, prior divorce decrees, proof of the value of your real estate and vehicles, and past tax returns.  Because the purpose of these filings is to provide the bankruptcy trustee with an accurate picture of your financial condition, it is critical that you fully reveal all of your assets and all of your debts, even those debts you wish to keep, such as your house and your vehicles.

You are allowed specific exemptions of real and personal property under state law.  This means you may be able to keep some of your property.  When you hire Spence Stover, he will explain these exemptions to you.  In many cases, after applying the state exemptions, debtors will own nothing for the trustee to claim, sell and pay out to your creditors.

Bankruptcy Attorney – Helping You Wipe Out Debt:

A successful Chapter 7 bankruptcy filing is to discharge or wipe out your qualifying unsecured debt.  Unsecured debts are when the creditor does not hold any security (title), such credit cards, medical bills and pay day loans.  You may also discharge secured debt, such as a house and vehicle. In addition, certain debts by law are not dischargeable, such as child support and alimony obligations, student loans and certain taxes.

Bankruptcy Lawyer – Finalizing Your Bankruptcy:

The next step is the meeting of creditors, also called a 341 hearing.  At the creditor meeting, you will present your driver's license or state identification and your Social Security card to the bankruptcy trustee who will verify your identity.  The trustee will then ask you questions about the petition, specifically about your assets, and tape record your answers. The trustee will then provide an opportunity for any creditor who come to the meeting to ask you questions. Rarely do creditors appear.

About two months after the hearing you will obtain a paper in the mail entitled Discharge of Debtor, which indicates that the file has been closed and those debts that can be discharged have been discharged. Once a debt has been discharged, you are no longer obligated to make payments.