What is a Chapter 7 Bankruptcy?

Depending on your financial situation and your ability to repay your debt, you may want to consider filing for Chapter 7 Bankruptcy. In Augusta, bankruptcy is a common solution for individuals who are struggling to pay their bills. Individuals and married couples who have large amounts of personal debt, whether it is from medical bills, credit cards, cash loans, or a number of other types of debt, can eliminate their debt and achieve a fresh start by contacting an experienced Augusta GA Bankruptcy Attorney.

In Augusta, bankruptcy falls under 2 categories for consumers: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Here, we will discuss only Chapter 7 bankruptcies. A summary of this article can be found here. If you want to learn more about Chapter 13 bankruptcy, click here.

Chapter 7 Basics

Chapter 7 bankruptcy is a complex situation that should only be handled by experienced bankruptcy attorneys. However, for individuals who are experiencing financial difficulties, it is important to know the basics of Chapter 7 bankruptcy in order to make an informed decision about this extremely effective solution for getting rid of debt.

Who can file a Chapter 7 bankruptcy in Augusta?

Individuals or married couples who are overwhelmed by their debt, have little or no income, and who have either:

1) No equity in property they wish to keep

2) No desire to keep property in which they have too much equity

To determine if you have equity in your house or your car, click here.

* For cars, replace the Home Value with your Car Value and the Principal due on first mortgage with the current amount you owe on your car.

If you have equity in either your house or your car, click here to learn more about how a Chapter 7 bankruptcy would affect you.

How does it work?

In Augusta, the process of filing a Chapter 7 bankruptcy should only be left to an experienced bankruptcy attorney. If you try to file a Chapter 7 bankruptcy by yourself or if you hire an inexperienced attorney, your property could be sold by the bankruptcy trustee or you could be forced to pay back the entire amount of your debt. However, Seymour & Associates is experienced in filing both Chapter 7 and Chapter 13 bankruptcy cases, and we know how to protect your property completely under both Chapters.

The typical process for filing a Chapter 7 bankruptcy in Augusta is as follows:

1) Meet with an attorney to discuss your situation

* This meeting is free if you call Seymour & Associates @ 706-868-1968

2) If you qualify for a Chapter 7, you will sign all of the necessary paperwork and your petition will be filed with the court.

3) You will appear in court one time and, a few months later, all of your unsecured debt will be discharged.

* Chapter 7 bankruptcies in Augusta are usually discharged in 6-7 months

Did you notice how we didn’t say your property will sold by the trustee?

Seymour & Associates is the most experienced bankruptcy law firm in Augusta GA. In fact, we file more cases every year than any other law firm in the Augusta Division, and we know exactly how to protect your property and give you the fresh start you need.

What Happens to Your Debt?

It is discharged. You will no longer be responsible for paying back the discharged debt, nor will your creditors be able collect any remaining balance. They will be forced to write off any remaining balance and you will go on with your life, debt free.

So, how do you determine if you should file or not?

There are 2 ways to determine whether or not you should file. The first and easiest way is to contact Seymour & Associates and make an appointment for a free consultation. You will get free advice about your financial situation from a legal perspective and we will recommend a course of action for getting you out of debt. Whether or not the solution that best suits your needs is bankruptcy, you will leave with a clear understanding of ALL of your options.

The second way to determine whether or not you should file a Chapter 7 bankruptcy is to do research. Bankruptcy law is very complex and will take several weeks, or even months, to grasp fully. If you are in no hurry to get out of debt, or if you don’t mind the interest accruing on your credit cards or other unsecured debt, then this may be the option for you.

However, there are several advantages to hiring an experienced Augusta GA Bankruptcy lawyer to handle your case for you.

1) You do not need to prepare the paperwork yourself. The attorney will prepare the 80-100 pages it takes to file a bankruptcy petition for you, and will submit everything to the court on your behalf.

2) You do not have to represent yourself in court. In a Chapter 7 case, there is only one hearing: the Meeting of Creditors. At this hearing, which is usually scheduled in 4-6 weeks after filing the initial paperwork, you will meet with an Augusta Chapter 7 bankruptcy trustee who will administer your estate. In other words, he or she will decide whether or not to sell your property. By hiring an attorney, you are asking a professional to help you keep your property while erasing all of your debt. Again, Seymour & Associates represents more clients than any other Augusta bankruptcy attorney or law firm, and we know how to save your property while helping you get debt free in the process.

If you represent yourself, you should be aware of the risks of losing your property if you do not present your case adequately, or exempt any equity you may have in ANY property with the federal exemptions allowed by the court.

Seymour & Associates represents people in the following counties: Richmond, Columbia, Burke, Glascock, Jefferson, McDuffie, Wilkes, Lincoln, and Taliaferro. We are the leading experts in Augusta bankruptcy.

Call us today. 706-868-1968