If you do not own a home, then in most cases Chapter 7 Bankruptcy will be the best option because it allows you the most substantial amount of debt liquidation. A Chapter 7 Bankruptcy in Gilbert provides an opportunity to erase a substantial amount of your financial obligations. This form of bankruptcy generally will permit you to eradicate all unsecured financial encumbrances. This means that unless the creditor holds a security interest (i.e., car loan, home loan), the debt will be abolished. The Chapter 7 Bankruptcy discharge will affect virtually all your unsecured financial obligations. There are a few exceptions that we can explain when you come in to see us.
You must meet certain income standards to be eligible for a Chapter 7 Bankruptcy filing. Your income cannot exceed the average income for the state. If your income does exceed this level, then you must establish that after paying certain living expenses and secured obligations, you would not have enough income left to pay toward unsecured obligations. We conduct this analysis for our clients and can will let you know whether you qualify for Chapter 7.
Our Gilbert clients are often apprehensive about the idea of bankruptcy when they first contact us but end up pleased that the Chapter 7 Bankruptcy process is so efficient and hassle free. The key to an efficient Chapter 7 process that proceeds without incident or time disruption is to make sure that your Chapter 7 bankruptcy application and schedules are prepared accurately. Many Gilbert residents that try to file for Chapter 7 Bankruptcy on their own or with a document preparation service end up costing themselves a lot more because the paperwork is wrong. This may cost valuable time and even result in having your Chapter 7 dismissed.
We will make sure that you qualify for a Chapter 7 and that your Chapter 7 petition and schedules are prepared properly so that the foundation for a smooth and uneventful Chapter 7 process is established. The only other event that we do not typically handle without you during a Chapter 7 is the 341 meeting of creditors. This very informal meeting with the Bankruptcy Trustee provides an opportunity for the trustee to ask questions about the information that you are provided and clear up any questions. At Stone Rose Law, we have assisted many people just like throughout Gilbert seek a Chapter 7 Bankruptcy discharge