Protect your assets before you file

Chapter 7 bankruptcy law can work for you

• Although referred to as a "liquidation bankruptcy," all your assets will NOT be liquidated. In reality, fewer than 10% of Steven M. Adler's clients are forced to give up ANY assets, and most assets are exempt from creditors.
• Debtors rarely have too much income to qualify for a Chapter 7 bankruptcy.
• In properly prepared cases - this law office's strength - creditors rarely object to the case, and it moves forward with no issues.
• Usually, once your case is closed, the creditors covered by your bankruptcy can never again attempt to collect debts from you, no matter how much you later earn or own.

Minimize the loss of your assets through proper preparation

As part of your initial FREE consultation and prior to filing your bankruptcy, Steven M. Adler

will attempt to identify any of your assets that could be liquidated. You will then be advised regarding alternatives that allow you to keep your assets. There are very often strategies that can be implemented prior to the bankruptcy filing that minimize the risk of surrendering assets.

The Chapter 7 process is started by filing a bankruptcy petition with the court. As soon as the petition is filed, your creditors must stop all collection activity against you. This means creditors cannot call you, send you bills, sue you, garnish your wages, or harass you in any way. If you have a car loan or a mortgage which you intend to keep, you will continue to pay it as you did before the bankruptcy. However, in Chapter 7 bankruptcy, you have the right to give up any property that you do not want to pay for anymore, and by doing so, you will eliminate any remaining liability on the loan.

How your case progresses through the court

Approximately 4 to 7 weeks after your bankruptcy filing, you will have to attend a short hearing conducted by a Chapter 7 trustee. The trustee is not a judge and has no independent judicial powers. He is simply an appointed representative of your creditors, and it is his job to review your bankruptcy case to determine if you have any non-exempt assets that may be available to pay creditors or if you have too much income to qualify for Chapter 7. The average hearing lasts no more than 10 minutes, and Steven M. Adler will be there with you to make sure the hearing goes as smoothly as possible.

Assuming there are no objections filed in your case, you will receive a bankruptcy discharge approximately 2 to 3 months after your hearing. Be aware that there are some debts which are not dischargeable (cannot be wiped out). These include student loans, child support, alimony, certain taxes, and debts incurred by fraud. If there are any debts in your case that are not dischargeable, you will know before your case is filed.

“We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code.”

DISCLAIMER: This website of the Law Offices of Steven M. Adler provides general information on bankruptcy as a public service. Information is intended - but not promised or guaranteed - to be current and correct. The content of the website should be construed as advertising. No attorney / client relationship is created by viewing the contents of this website, filling out and submitting any contact forms or requesting a free case evaluation.