Most Cases Are Chapter 7 According To Roselle Bankruptcy Attorney

Provided you do not have significant assets that can be taken by a Chapter 7 trustee, your attorney will likely recommend a Chapter 7 fresh start.  The reason why I can say this with such confidence is that is that three out of every four bankruptcy cases are of the Chapter 7 variety.  Chapter 13 is more commonly used to save a home that’s in foreclosure or to otherwise reorganize debts that would be non-dischargeable under Chapter 7.  So when the average person comes to me and they need a fresh start and they are struggling with medical bills and credit card bills and personal loans and they just can’t afford to keep making the same minimum payments each month, what they are really looking for is a Chapter 7 fresh start.  What the person wants to do is they want to wipe the slate clean and eliminate the credit card debt, the medical bills and the utility bills that have been hanging over their head.  In many cases, clients struggle for years making the minimum payments, robbing from Peter to pay Paul, borrowing from family members and friends, taking money down from their 401(k) or other retirement account in an effort to stop creditors from harassing.  What these people really need is the Chapter 7 fresh start that puts an end to the harassment once and for all. 

Once the person meets with the bankruptcy attorney and they decide to hire the bankruptcy attorney, there will be a Petition for Bankruptcy prepared by the attorney or the law office.  The individual then signs the petition under oath and has to satisfy several pre-filing requirements before their case can be filed.