Wood & Associates: Attorneys At Law

Chapter 7

We’ll help you file for Chapter 7 Bankruptcy and take control of your finances.

The most common form of bankruptcy for individuals, Chapter 7 discharges unsecured debt when you are unable to make payments. With Chapter 7, you can be relieved of debt from:

  • Credit cards
  • Medical bills
  • Personal loans

Because bankruptcies remain on your credit report for 10 years and have a lasting impact on your ability to obtain credit, we’ll help examine your income, assets and expenses to determine if filing for Chapter 7 bankruptcy is your best option. 

We can also discuss the advantages and disadvantages of filing for Chapter 7 jointly as a couple or as an individual. For many couples, joint filing will protect more of your property and discharge more of your debts. Contact us for a phone consultation to find out if filing for Chapter 7 bankruptcy is right for you. 

I can't say enough about how above and beyond Brigette Booser went for our family when we were in need of her legal counsel. She was very professional, compassionate, attentive, and incredibly intelligent."

Jim Bunn

Questions you may be asking:

The answer to this question depends on the type of bankruptcy you have filed. If you have filed a Chapter 7 bankruptcy, you will have to wait 8 years before you can file another Chapter 7 bankruptcy.

Not necessarily, there are exemptions in the bankruptcy code that allow you to protect certain assets. When it comes to homes, the exemption applies to the “equity” in your home. How much the home is now worth then subtracting how much is owed on the mortgage or mortgages. If the exemption covers the equity, and you still have the means to pay your mortgage after bankruptcy, then the bankruptcy court will let you reaffirm your mortgage debt.

Yes, you can own more than one vehicle when your file for bankruptcy. However, there are limitations on the exemptions that can be used to protect your vehicles. One exemption can only be applied to one vehicle. While other exemptions do not apply to any particular asset and can be applied to the same or other vehicles.