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If you are considering filing Chapter 7 bankruptcy, you likely have many questions and concerns during this challenging time. For example, how do you file Chapter 7 with no money? Can you afford to hire a bankruptcy attorney? Will you be able to pay off your debts along with legal fees and court costs? The encouraging news is you can file Chapter 7 bankruptcy with no money.
Our team of bankruptcy lawyers is here to walk you through this complex process and ensure you understand every step of the way. Our priority is to get you on track for economic stability and clear a path towards a fresh financial start. Help is simply a phone call away.
Why Do So Many Choose to File Chapter 7 Bankruptcy Over Chapter 13?
Whether you live in North Carolina or South Carolina, the laws for filing bankruptcy are similar. The bankruptcy process falls under the umbrella of federal law.
According to the United States Courts, nearly 379,000 Americans filed for Chapter 7 bankruptcy in 2020. Most people facing financial struggles choose to file Chapter 7 bankruptcy because they typically pay less out of pocket than when filing Chapter 13, for example. So let’s take a closer look.
Benefits of Filing Chapter 7
Chapter 7 may seem more appealing to filers because the process takes less time to complete, and you do not have to pay anything to creditors. This type of bankruptcy is considered a liquidation, which erases all qualifying debts, including medical costs, personal loans, and outstanding credit card bills. As soon as you file, creditors will receive notice to stop trying to collect from you.
One of the most significant advantages of this option is that you will not have to pay back creditors through a repayment plan as you would if you filed Chapter 13. Instead, the court will appoint a bankruptcy trustee who will sell your “nonexempt” property to start paying off those you owe. Of course, this does not mean you will have to give up everything you own. Property you may have to part with includes:
- Family heirlooms
- Collections of coins, stamps, or other valuable items
- A second vehicle
- A (second) family vacation home
- Bank accounts, stocks, bonds, and other financial investments
Property you may be able to keep after filing for Chapter 7 bankruptcy includes:
- Household furnishings (within reason)
- Clothing
- Jewelry (up to a specific value)
- A car or truck (up to a particular value)
- Pensions and retirement accounts
- Public assistance (e.g., social security benefits, unemployment, welfare)
- Any damages awarded for personal injury
When you hire a bankruptcy attorney from our firm to handle the court filing process for you, we will take care of all aspects from start to finish while you focus on taking care of yourself and your family.
How Can a Bankruptcy Lawyer Help Me?
Filing for bankruptcy can be a confusing and time-consuming process. You may already feel a lot of pressure right now from creditors, and time is not on your side. However, when you have a bankruptcy attorney from our law firm handling the details for you, the process can go a lot smoother with the chances for a better outcome. Here is what our legal team will do for you:
- Complete all bankruptcy paperwork and file it with the proper court on time
- Appear in court hearings to present and fight for your case
- Represent you at your mandatory 341 meeting
Our bankruptcy lawyer will work to help you retain as many assets as possible while paying off your debts and regaining a normal life. The sooner you reach out to us, the sooner we can get to work on your case.
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How Can I Get the Fees for Filing Chapter 7 Bankruptcy Waived?
There are fees associated with filing for bankruptcy, but some, if not all, of those fees can be waived depending on your circumstances. Bankruptcy court requires a $338 filing fee, but that fee could be waived if:
- You are on social security.
- You are unemployed.
- You earn below 150% of the Federal Poverty Line.
If the court agrees, you may also be able to pay the fee through an installment plan.
When filing for Chapter 7 bankruptcy, you may also be ordered to pay for online personal finance courses. The sessions generally cost between $10 and $50, but you may qualify for a fee waiver based on your income.
Our Law Firm Works with You
When you choose to have one of our bankruptcy lawyers handle your case, we offer a free consultation to help you determine your best option in dealing with your debts . We will discuss with you the potential costs of filing bankruptcy and whether waiver of costs and fees is possible. Our firm is committed to helping those on fixed incomes or limited incomes and may reduce our fees or represent individuals pro bono.
Contact Our Office Today to Learn More About How to File Chapter 7 Bankruptcy
Being in debt can feel like you’re trapped underwater. You may believe there is no way out. Our goal is to help release you from your debts and get you back on a solid path to financial health. Call Farmer & Morris Law, PLLC at (828) 286-3866 to discuss your North Carolina or South Carolina bankruptcy case today.
