Stop Foreclosure and Repossession with Chapter 7 Bankruptcy
If you have been a victim of the national economic downturn, every day is stressful. A lost job, a mountain of bills, credit card debts, bullying collection agents ... and now the threat of home foreclosure, repossession and wage garnishment?
The Law Office of Kathryn L. Johnson, PLC in Tucson, Arizona, wants you to know that you have options to deal with your mounting consumer debt.
Do I Qualify for Chapter 7 Bankruptcy?
To qualify for Chapter 7 bankruptcy, your income must be below the state's average median income of similar household size. This calculation is called a "means test." For people who do not qualify for a Chapter 7 bankruptcy, Chapter 13 bankruptcy may be an option. In addition to qualifying under a means test, you must take two credit counseling classes — one class must be completed before filing, and one class is done after filing.
Lawyer Kathy Johnson will work with you to determine whether Chapter 7 bankruptcy is right for you. She will not pressure you to pursue bankruptcy but will educate you about all your legal options to deal with your financial difficulties.
The Chapter 7 Process
If you decide to proceed with bankruptcy, her representation includes filing a petition with the bankruptcy court, attending the creditors' meeting with you and protecting your financial interests until the final discharge of debt. The overall process generally takes approximately four months.
Many types of debts will be discharged as the result of bankruptcy — meaning you will no longer be liable for paying them back. Some of the types of debt that can be discharged, include:
- Credit cards
- Medical bills
- Personal loans
- Old repossessions
- Broken leases
- Other unsecured debt
If you owe more on your home than what it is worth, you may want to consider surrendering it through Chapter 7 bankruptcy. Your credit score may be salvaged by avoiding foreclosure. Attorney Kathy Johnson will help you explore all of your legal options, including foreclosure alternatives.
Filing a Chapter 7 bankruptcy still allows you to keep many of your assets. (See Arizona Exemption Chart.)
Don't Be Afraid to Ask for Help
It is important to know that you don't have to go down this road alone. To learn more, contact the Law Office of Kathryn L. Johnson, PLC to arrange a free consultation. To speak to someone today, call 520-743-2257 or 888-326-7304.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
