Greenville Chapter 7 Bankruptcy Attorneys
Chapter 7 bankruptcy is a process that allows individuals or businesses to eliminate their debts and begin with a clean slate. While it may sound like a good idea, it is not for everyone. In fact, there are several reasons why you should not file for Chapter 7.
At Willeford, Duff & Council, we have over 40 years of collective experience helping individuals and businesses with bankruptcy matters. We have the knowledge and experience to determine if Chapter 7 bankruptcy is right for you. We will guide you every step of the way and make sure your rights are protected.
What Is Chapter 7 Bankruptcy?
In Chapter 7 bankruptcy, also known as liquidation bankruptcy, non-exempt assets are sold to distribute proceeds among creditors, providing relief from various unsecured debts like credit cards, personal loans, and medical bills.
Who Can File for Chapter 7 Bankruptcy?
There are several requirements that must be met in order to qualify for Chapter 7 bankruptcy. First and foremost, you must be an individual. Businesses cannot file for Chapter 7 bankruptcy.
Some requirements for qualifying for Chapter 7 include the following. You must:
Not have filed for Chapter 7 within the previous 8 years
Not have filed for Chapter 13 within the previous 6 years
If you attempted to file for Chapter 7 or 13 and it was rejected, you must wait 181 days or more before refiling
Complete a credit counseling course through an approved credit counseling agency 180 days before filing
Our Chapter 7 Bankruptcy Services
At Willeford, Duff & Council, we have decades of experience helping businesses and individuals fight against debt. We understand that each case is unique, and we will work with you to determine if Chapter 7 will work best for your situation. We will guide you every step of the way and make sure your rights are protected.
To learn more about your options, call (903) 407-4072 or contact us online for a case consultation.