Chapter 7

Missouri Chapter 7 Bankruptcy Lawyers

What Is Chapter 7 Bankruptcy?

When most people think of bankruptcy, they think of Chapter 7, also referred to as liquidation bankruptcy. It is the most common type of bankruptcy. In a Chapter 7 filing, a trustee is appointed to collect and liquidate non-exempt assets. The trustee then distributes the proceeds to creditors, ultimately satisfying the debtor’s debts and providing a fresh start.

One of the most common misunderstandings about Chapter 7 bankruptcy is that all property will be lost. In reality, much of your property is exempt from liquidation. Most of your personal items, as well as appliances and furniture, are exempt. Your car and home may be as well, depending on their value.

Is Chapter 7 Right for You?

At Hanrahan & Nacy, our lawyers will take great care to determine whether Chapter 7 is right for you. Will this type of bankruptcy put you in the best position, or is Chapter 13 more appropriate in your situation? To answer this question, we must look at your debts, your property and your goals. Starting with a free initial consultation, we handle every case individually, because every case is truly unique. You will receive one-on-one attention from a lawyer who cares about doing what is right for you.

The Immediate Impact of Chapter 7 and the Automatic Stay

Need to stop creditor harassment? Want to put an end to foreclosure or repossession? Have you been threatened with wage garnishment? As soon as you file Chapter 7, an automatic stay takes effect. This requires that all creditor actions come to an immediate halt. In other words, you will feel the positive impact of Chapter 7 as soon as you file.

Free Consultation With a Bankruptcy and Debt Relief Attorney Serving Columbia and All of Missouri

Call 573-636-7900 or contact us via e-mail to schedule a free consultation with a Jefferson City, Missouri, Chapter 7 bankruptcy attorney.