The thought of filing bankruptcy can be frightening to many people. In fact, some still fear that bankruptcy can lead to harsh punishments. The stress of limited finances and creditor harassment can cause some to make poor choices, but these choices will only worsen an already serious situation. The way to avoid making further mistakes is to obtain and follow the advice of a veteran bankruptcy law attorney who knows the right steps to take at every juncture of the process.
The Bankruptcy and Debt Relief Law Firm
Chapter 7 Bankruptcy Information
The bankruptcy lawyers at Ammerman & Goldberg have handled more Chapter 7 bankruptcy cases than any other Washington D.C. Law firm. We understand that most people faced with filing for Chapter 7 bankruptcy are under a great deal of financial stress.
Our Chapter 7 bankruptcy attorneys handle cases in the District of Columbia, Maryland, and Northern Virginia. Our clients come from a variety of areas including:
District of Maryland
Montgomery County
Prince Georges County
Charles County
Eastern District of Virginia
Alexandria (City)
Fairfax County
Arlington County
Stafford County
Prince William County
Washington, DC
District of Columbia
For more information about bankruptcy, please visit our other practice centers: Bankruptcy General, Bankruptcy Chapter 13, and Bankruptcy Debtor - Creditor.
If you would like more information on filing for a Chapter 7 bankruptcy, please fill out our Free Bankruptcy Evaluation Form or contact us by phone at any of our offices for a free telephone consultation with one of our skilled bankruptcy lawyers.
Our bankruptcy law practice represents clients throughout the District of Columbia, Maryland, and Virginia, including Silver Spring, Bethesda, Rockville, Landover, Greenbelt, Bowie, Upper Marlboro, Arlington, Alexandria, Falls Church, Vienna, Fairfax, and Washington D.C. including Prince George's and Montgomery counties.
Chapter 7 - An Overview
Both individuals and small businesses can find themselves with more debts than they can pay when due. In such cases, filing bankruptcy may provide a solution to what seems like an insurmountable problem. Bankruptcy law provides two basic forms of relief: (1) liquidation; and (2) rehabilitation, also known as reorganization. Most bankruptcies filed in the United States involve liquidation, which is governed by Chapter 7 of the Bankruptcy Code. A skillful attorney can advise individuals and businesses alike on whether Chapter 7 may be the right choice for them. The bankruptcy lawyer's goals are to help debtors make a fresh start and ensure that creditors get paid.
Because bankruptcy law is primarily federal in origin, it varies little from state to state. The individual states do, however, retain jurisdiction over certain debtor-creditor issues that are not addressed by and do not conflict with federal bankruptcy law, such as which property remains exempt from creditors' claims.
Debts that Remain After a Chapter 7 Discharge
The rules on which debts are discharged, or eliminated, are different depending on which type of bankruptcy is filed. A lawyer experienced in bankruptcy law can advise his or her clients on whether and how particular debts will be affected by a bankruptcy discharge. Generally speaking, in a Chapter 7 proceeding, the following debts are not discharged.
What is a "Discharge" Under Chapter 7?
"Discharge" in the bankruptcy sense refers to clearing the debtor's slate of all, or most, past debts. Although many people expect that filing bankruptcy will wipe out all of their debts, that is not always the case. Bankruptcy only discharges certain debtors of certain debts. The availability of discharge depends on the type of bankruptcy proceeding involved, who the debtor is, and what type of debts the debtor has. An experienced bankruptcy attorney can advise his or her clients as to which debts will be discharged by a Chapter 7 bankruptcy and which debts will remain.
Exempt vs. Non-exempt Property Under Chapter 7
In a Chapter 7 liquidation case, the debtor has to turn certain property over to the bankruptcy trustee so that the property can be sold and the proceeds used to pay off debts. Debtors, whether they are businesses or individuals, are often justifiably concerned about what property they will be allowed to keep and what they must give up. Experienced bankruptcy lawyers can answer these and other questions, allay fears, and keep the process moving forward as painlessly as possible.
Non-Bankruptcy Workouts
The term "workout" is used to describe a non-bankruptcy negotiated modification of debt. More simply stated, a workout is an agreement worked out between a debtor and his or her creditors for repayment of the debts between them, which is negotiated without all the procedural complications-and perhaps the stigma-of the bankruptcy process. Lawyers experienced in bankruptcy and debtor-creditor law can advise both debtors and creditors on whether a non-bankruptcy workout may be their best course of action.
Chapter 7 Resource Links
American Bankruptcy Institute Consumer Corner
General information regarding consumer debt and bankruptcy
Chapter 7
FAQ from Mortgage101.com
United States Code on Chapter 7 Bankruptcy
from Cornell University
Legal Information Institute
A general overview of the topic of bankruptcy, along with state and federal materials, from Cornell University
