U.S. lawmakers recognize many people may find themselves in an overwhelming financial crisis, often through no fault of their own. So, lawmakers created a legal solution to allow a person to file bankruptcy to receive necessary financial relief. Bankruptcy may be just the answer to your financial problems. A loss of a job, a medical crisis, a divorce, or other unexpected life event can cause bills to engulf your budget and devastate your finances.

Although there are different categories of bankruptcy, Chapter 7 and Chapter 13 are the most common types of individual bankruptcy. Chapter 7 gives the greatest relief, but it's difficult to meet the requirements for this type of bankruptcy. Some people refer to Chapter 7 as a "liquidation bankruptcy." It will be important for you to seek reputable and trustworthy representation of an attorney who is well-versed in all areas of bankruptcy to determine qualifications and avoid problems throughout the bankruptcy process.


Filing for Chapter 7 bankruptcy requires that you pass the means test and complete credit counseling from an authorized counselor. If your circumstances prevent you from filing Chapter 7, you most likely will be eligible to file for Chapter 13. The process of filing for bankruptcy and qualifying for Chapter 7 will require you to organize your financial information concerning your debts, assets, income and other obligations, and present them for review. Debt incurred from taxes, child support, and student loans are exempt from bankruptcy.


Once your petition for Chapter 7 bankruptcy has been filed, your creditors will have an automatic stay placed on them in regard to any efforts to collect your debt. It may take one to two weeks for all of your creditors to be notified, but after that timeframe, you should not receive any collection calls or collection letters. If you continue to be harassed by your creditors, you need to tell them you have filed for bankruptcy, and they must not contact you again.

The bankruptcy court will assign a trustee to oversee your assets and determine which assets are to be sold to pay your debts or a portion of your debts. There are exemptions that will offer protection for your home, car, and retirement accounts. It is imperative to have the representation of an expert bankruptcy lawyer to ensure your assets are not sold unnecessarily. Let us use our legal services to your benefit.


Foshee & Yaffe will give you the personal representation you need throughout your Chapter 7 bankruptcy to ensure your financial goals are met and your assets are protected. We will evaluate your specific circumstances to develop the right plan for your debt relief. Do not allow your future, your health or your life to suffer further. Contact our firm today for the fresh start you need.