Are you considering a Chapter 7 bankruptcy?
Do you need information about how the process works? Hi, I’m Jim Keaveney of Keaveney Legal
Group. We’re a New Jersey and Pennsylvania based law firm that focuses on helping people
facing bankruptcy. Join me today as we discuss Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, a trustee is appointed
by the court to evaluate your financial situation. The trustee may then propose to the court
that many or all your debts be cancelled. In exchange, he or she sells or liquidates
some of your assets in order to pay your creditors. How long does all this take? For most people,
the entire Chapter 7 bankruptcy process takes about four to six months and usually only
one or two trips to the courthouse. Most jurisdictions now also require you to complete credit counseling
with an approved agency. To be eligible for a Chapter 7 bankruptcy,
you must show that your income, expenses, and debt burden, would not make it possible
for you to complete a Chapter 13 repayment plan. We’ll discuss more about the Chapter
13 bankruptcy process in another video. To get started, you simply file a petition
with the bankruptcy court along with a number of other supporting documents. Upon successfully
filing the petition, you will be given an “automatic stay” which immediately stops most
creditors from taking any further collection actions. By filing for a Chapter 7 bankruptcy,
you won’t be allowed to sell, give away, or transfer any of your property until your bankruptcy
is over unless the courts have given you permission. In approximately one month, you will be asked
to attend a meeting with your trustee and creditors, although your creditors rarely
show up for this meeting. Your trustee will run the meeting and will ask you a few questions
about your bankruptcy and financial position. In most cases, this will be your one and only
trip to the courthouse. After your creditor meeting, it is generally
only about 3 months before you get your discharge. The fact is, bankruptcy can be a complicated
process and some of the information I’ve shared with you today may seem a bit confusing. Contact
me and I’ll be happy to discuss your situation with you. We offer a free consultation to
explain your best options, and answer any questions you might have. Email me at [email protected]
or call us at 1-800-219-0939. I’m Jim Keaveney; have a wonderful day! Pittsburgh Office
Phone: (412) 927-3866 301 Grant Street, Suite 4300
Pittsburgh, PA 15219 Philadelphia Office
Phone: (215) 710-0713 1650 Market Street, Ste. 3600
Philadelphia, PA 19103 Iselin Office
Phone: (732) 733-6025 33 Wood Avenue South, Suite 600
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Phone: (856) 270-7292 309 Fellowship Road, Suite 200
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233 Mt. Airy Road, 1st Floor Basking Ridge, New Jersey, 07920
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411 Hackensack Avenue, 2nd Floor Hackensack, New Jersey, 07601
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103 Carnegie Center Drive, Suite 300 Princeton, New Jersey, 08540
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