Let a Roanoke, Virginia Chapter 7 Bankruptcy Lawyer at Giles & Lambert, P.C. Guide You to Financial Solvency in the Western District

Chapter 7 bankruptcy, often referred to as a Straight Bankruptcy, is a way to eliminate (or discharge the obligation to pay) most unsecured debts, such as credit cards, medical bills, and utility bills.

Did you know that most folks filing a Chapter 7 get to keep their house, cars, retirement plans, and other personal belonging? Well, most do. If you qualify for a straight bankruptcy, it can give a family or a single adult a chance to start again without the real burden of bills.

How does Chapter 7 Bankruptcy Work?

First, after a personal consultation with our bankruptcy lawyers, you have to hire us.  When you first hire us, we will run a triple credit report, give you paperwork to get you started in collecting the necessary information to file, and most importantly, give you the right to refer all the creditors calling to us to verify that you have hired us to file bankruptcy for you.

While fees for each case can vary, we try to work out reasonable payment plans that include the bankruptcy court filing fees, triple credit reports, homestead deed filing fees and your credit counseling and debtor education fees.  When asking about fees with other law firms, make sure to know exactly what those quotes cover and what fees may be hidden!

After receipt of that completed paperwork, we will assist you in getting the necessary credit counseling and will draft the petition and schedules to be filed with the Court. You will sit down with one of the attorneys or paralegals, and review that petition completely to make sure it is accurate and complete.

When you file bankruptcy, you must:

•  disclose everything you own
•  disclose everyone (even Aunt Mabel) that you owe
•  be completely truthful and honest!

After verifying that everything is correct, you will sign the petition under oath. The petition is then filed with the Court and a Trustee is assigned. The Trustee is a court official whose job is to make sure that you been truthful on your petition and that you do not have hidden assets that he or she could use to pay your bills.

You will have to attend one hearing in a Chapter 7, called the Meeting of Creditors (otherwise known as the 341 hearing). At this hearing, the Trustee reviews the petition and asks any questions necessary to be sure he or she clearly understands the debtor's financial situation. Creditors may also go to this meeting to ask questions of the debtor, but they generally do not attend.

You will also have to take a debtor education course from one of the government-approved providers prior to your discharge.  This course is designed to help teach you how not to get back into financial trouble.

About 90 days after filing the Chapter 7 bankruptcy petition, as long as there are no objections to the discharge, the Court issues an order discharging most unsecured debts included in the bankruptcy.

There are numerous steps to the Chapter 7 that we cannot explain here because they can change in each individual case.  If you think that bankruptcy is an option for you, these and other complexities dictate your first step should be to contact a bankruptcy attorney. Contact a Chapter 7 bankruptcy lawyer at Giles & Lambert, P.C. for a free consultation at one of the numbers listed below.

The firm of Giles & Lambert, PC represents individuals and businesses throughout Southwestern Virginia.  The Roanoke office represents folks from the Cities of Roanoke, Salem and Radford and the Counties of Roanoke, Botetourt, Craig, Floyd, Montgomery, Franklin, Giles, and Pulaski. The Martinsville office represents folks from the Cities of Martinsville, Danville, South Boston and the Counties of Henry, Franklin Pittsylvania, Halifax, Patrick.

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