Chapter 7 is the fastest form of bankruptcy and typically takes between four to six months from filing. It's in the best interest of the debtor and the court for things to proceed smoothly. And while it takes several months, you gain immediate relief from harassment by creditors upon filing.
Chapter 7 bankruptcy is designed for people who have little money for paying their bills each month. It can quickly provide relief by discharging most consumer debts, like credit card bills, medical bills, utility bills, payday loans, and some personal loans.
You qualify for Chapter 7 bankruptcy by passing a means test. This measures whether your disposable income is below the median income of the state in which you live.
In order to file, first you need to work with your bankruptcy lawyer to compile a list of your assets, debts, and creditors and present it to the court. After the petition is filed, you’ll go to a “Meeting of Creditors,” where you'll be asked simple questions about your assets and debts. You should have a lawyer present, and it's usually a quick and painless process.
Unless there are objections to your account or other complications, your debts will be discharged within a few months and the court will issue a “Final Decree” that officially closes your case.
Additionally, we offer clients a course to help you increase your credit score, even after you've filed bankruptcy. In as little as one year, you could improve your current score to a 720 or A rating. While it typically costs $1000 for this course, our new bankruptcy clients get access to this powerful resource for FREE.
Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 years. If you need the fresh start bankruptcy can provide, call us today at 816-842-6200 to speak with an attorney. Or click here to email us and schedule your free consultation.