THE ISAK LAW FIRM

Chapter 7 Liquidation or Straight Bankruptcy

You can file Chapter 7 Bankruptcy if you pass the Means Test under the US Bankruptcy Code. To pass this test, your average income for six months prior to filing the petition must be less than the average median income for the State of Maryland. If your income is greater, you can still pass the test by showing special circumstances.Call us today for a free, no obligation consultation to see if you pass the means test or to see if you are eligible to file for Chapter 7 Bankruptcy Protection.   

Within 180 days, you must complete Credit Counseling with a US Trustee approved agency.

The Court Filing Fee is $306.00. If you cannot afford to pay this fee, we can file for a waiver of the filing fee, or we can request that you pay the filing fee in 4 installments of $76.50 over 120 days.  

Once a bankruptcy petition is filed, an Automatic Stay order comes into effect. This means that your creditors can no longer collect any of your debts and repossessions, garnishments, attachments, foreclosures, utility shut-offs, evictions, or any other attempts to collect are stayed.

Five to six weeks after filing, we must attend the 341 Meeting of Creditors. We will thoroughly prepare your paperwork and explain the process to you in detail so you are prepared for the appearance.  

You can protect your assets through the exemptions provided to you by law. You can exempt up to $17,000.00 worth of your Personal Property.     

The court grants the Discharge usually 60 days after the 341 meeting. When you receive a discharge you will be released from liability and will no longer be required to pay any discharged debts.

In addition, you must complete an instructional course concerning Financial Management. Failure to complete this course may result in the court denying the discharge.   

If creditors are harassing you, if you have lost your job, if your wages are being garnished, if you have had a financial setback due to an illness or divorce, if your are facing the foreclosure of your house or repossession of your vehicles, help is just a phone call away.

CALL US TO SEE HOW WE CAN HELP YOU WITH YOUR FINANCIAL PROBLEM AND GET THE FRESH START THAT YOU DESERVE 

Discharge your unsecured debt such as Credit Card bills, Department Store Charge Cards, Medical and Hospital Bills, Deficiency Judgments for repossessions and foreclosures, utility expenses, and other unsecured credit lines.