Debt can be a stressful and damaging aspect of your life. It is usually taken to make significant purchases and then returned to the creditor. However, this is not often the case, and many people fail to do so. If you are also facing the same situation, you need a Chapter 7 lawyer. These professionals can help you get out from under the stress of crushing debt. They are well-versed in dealing with these types of situations, so they can assist you in the best possible way.
In this article, we will discuss in detail everything you need to know about Chapter 7 bankruptcy, including what assets are protected under it, how you can choose the right attorney, and how long a Chapter 7 bankruptcy takes to complete.
Assets Protected Under Chapter 7 Bankruptcy
One of the primary questions asked by everyone is what assets are protected under Chapter 7 bankruptcy. First, you have to understand a term called exempt property. It is often used by professional experts, and you may not use it in your daily routine. Exempt property is actually the assets that are determined by the state; no matter what happens, you can protect them from your creditors.
In general, the assets that you can keep under Chapter 7 include clothing, dishes, furnishings, and other household essentials. However, every state has a different list of assets protected under Chapter 7 bankruptcy. You can search online or ask your attorney for guidance.
For example, if we talk about the state of Georgia, they have a pre-defined list in this regard, outlining that you can protect $1500 of equity from your home, up to almost $5000 of equity in any type of automobile you own, and $1200 in other assets that you may have.
Choosing a Chapter 7 Attorney for Your Case
When it comes to choosing a Chapter 7 attorney, several factors require your attention. Even your minor negligence in this regard can lead to many severe problems and costly losses.
Never trust an inexperienced attorney; instead, prioritize the one with a strong focus on bankruptcy and extensive experience in cases similar to yours. Consider a professional who listens to all your concerts and answers effectively. This is essential to make an informed choice. Additionally, make sure they are transparent about their fees with no hidden charges.
How Long a Chapter 7 Bankruptcy Take to Complete
A Chapter 7 bankruptcy is relatively quick. All you have to do is come in, put in your paperwork, and then file. After this process, you have a meeting with your potential creditors within 30 days.
If there are no objections and everything goes smoothly as planned, you can be out of bankruptcy within three to four months. However, for a stress-free and smooth experience, you must choose a reliable and reputable Chapter 7 attorney. These professionals can help you in the best possible ways, ensuring your peace of mind.
