Chapter 7 Bankruptcy - Video
May 10, 2016
Trevor Pedersen, with the Pedersen Law firm. Chapter 7 Bankruptcy. Chapter 7 Bankruptcy is the most common type of bankruptcy. In Chapter 7 Bankruptcy the court wipes out your unsecured debts, credit cards, medical bills, payday loans, and other non-collateral debts.As far as secured debts, such as auto loans and home mortgages the bankruptcy court lets you choose if you would like keep that asset and keep the loan you can.If you do not want to keep that loan and asset, you can surrender those and walk away from that debt.The Process of a Chapter 7 Bankruptcy is relatively simple.First you work with your attorney, who meets with you and get all the information necessary to put together the paperwork, schedules and petitions to get the bankruptcy case filed.During that time, you are also going to go meet with a certified bankruptcy counselor.Anyone who files Chapter 7 Bankruptcy is required to do two counseling session with a certificated counselor, one session before you file your bankruptcy case and one session during your bankruptcy case.The pre-filing session is simply to educate you about bankruptcy and make sure you are making an educated discussion in filing bankruptcy.Then once your bankruptcy case is filed, your second counseling session is about how to rebuild your credit score and avoid issues in the future.The next process in the bankruptcy is the bankruptcy Trustee hearing.You will meet with your bankruptcy trustee and your attorney for about 3 to 5 minutes, where the trustee has you swear under oath that you did not lie on your bankruptcy papers and that you listed all of your assets and debts correctly.After the court waits an appropriate amount of time after the hearing, you will receive your discharge of debts where the court will wipe out your debt and receive your fresh start.A Chapter 7 Bankruptcy is no longer posted in the newspapers or listed on Wisconsin circuit court access (CCAP), which is a list of people who have legal issues going on in the state of Wisconsin.Bankruptcy court is federal so CCAP does not list it because CCAP is only Wisconsin Court.If you have any questions about bankruptcy and would like to sit down for a free initial consult, give our office a call.Appleton/Menasha office 920-727-0970. Green Bay office 920-884-9500.