Boise Lawyers Advise Debtors on Chapter 7 Bankruptcy

Helping you overcome debts

Since 2001, Gulstrom, Henson & Roark, P.C. has advised Boise clients about debt reduction and bankruptcy. Our lawyers review your financial situation to determine if bankruptcy is the right option for you. We may suggest you consider other means of debt satisfaction, such as negotiating with creditors, which can better meet your goals. If bankruptcy can help you overcome overwhelming debt, we guide you through the process of filing your petition and pursuing debt discharge.

Liquidation of assets under Chapter 7

Chapter 7 is often called liquidation bankruptcy because the trustee may order the debtor to sell assets to pay the creditors. Certain property is considered exempt under the Bankruptcy Code, which means the property is protected from liquidation. Exempt property includes tools of your trade, some household items and property owned jointly with your spouse.

Our lawyers minimize the liquidation of your property. We may also negotiate with creditors for automobiles and other secured property to allow you to make payments and keep the property. To ensure that you do not default on your future payments, we are careful to develop a reaffirmation agreement under terms that match your financial circumstances.

Means test requirement for Chapter 7

To file for Chapter 7 protection, you must satisfy the law’s means test requirement. The means test is a calculation intended to determine if you can pay your debt over time based on the amount of your income and debts. If you are found ineligible for Chapter 7 bankruptcy, we discuss the possibility of filing for Chapter 13 bankruptcy instead.

Discharge of debts

The trustee discharges your debts at the conclusion of your Chapter 7 bankruptcy proceedings. Creditors are not permitted to harass you or to collect on discharged debts. However, you continue to owe the amount to which you agreed in the reaffirmation agreement for property you retain.

You may continue to be liable for debts not included in the Chapter 7 bankruptcy petition. For this reason, listing all your creditors is a vital part of the process. Our Boise bankruptcy lawyers help you organize your information to get the full benefit of your bankruptcy protection.

To file for Chapter 7 bankruptcy, consult with our Boise lawyers

For more information on filing a Chapter 7 bankruptcy petition, consult with the dedicated attorneys at Gulstrom, Henson & Roark, P.C.

To schedule your free consultation, contact us online or call 208-546-9933.