Chapter 7 Bankruptcy

Often referred to as a “straight bankruptcy,” a Chapter 7 filing represents a dramatic step toward a fresh start. Debts are discharged, often providing a clean slate. Though Chapter 7 is known as a liquidation of assets, most necessary assets such as your home, vehicle and household goods are exempt from liquidation. That means you usually can keep all or most of your assets and still get out of debt.

In fact, the large majority of people who file Chapter 7 do not lose any assets at all. Although some people do not mind some assets being liquidated, keep in mind that there are plenty of options available that will keep you from losing what’s important to you. Don’t let the fear of losing assets keep you away, as we will make sure to protect what you don’t want to lose.

Let our attorneys help you get a fresh start as we have for many South Carolina residents at Reed Law Firm, P.A.

Hope for a Debt-Free Future

At Reed Law Firm, P.A., we give you hope for a future free of debt and ongoing creditor harassment. You are likely feeling hesitant about seeking Chapter 7 bankruptcy protection. You fear the possible loss of all possessions. We will not do anything to cause you to lose an asset that you would like to keep. It does not cost you anything to talk to us about it so we can explain all of your options. You have nothing to lose by giving us a call so at least you will have the correct information and can make a good decision.

How Do I Qualify for Chapter 7 Bankruptcy?

The law requires you to pass a “means test,” that compares your monthly income against the average monthly income in South Carolina. If your income is at or below the average for the previous six months, you pass the test. If your income is higher than average, you may still be able to qualify for Chapter 7 bankruptcy if you do not have more than a certain amount of income left after paying for housing, food and other “allowed expenses.” Don’t try to do this calculation yourself. Give us a call and let us help you understand the income qualifications. And, even if your income is too high for a Chapter 7, there are other bankruptcy options that may be right for you.

Legal Advocacy With Dignity, Not Judgment

In the midst of financial stress over loans, credit cards and medical bills, you may find it hard to imagine a debt-free life. You fear that the stress relief will be replaced by judgment from your friends, family and even the attorney who represents you. Understanding that our clients are going through enough problems, we treat them with respect and dignity.

When all seems hopeless, we can help.

Contact Us

For more information or to schedule an appointment with an experienced lawyer regarding a Chapter 7 bankruptcy filing, please contact us.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.