What exactly is a Chapter 7 bankruptcy attorney? To those who need help with a financial crisis, it is an attorney who can give you a fresh start in life, debt-free and ready to begin anew. That’s not an exaggeration. Chapter 7 is perhaps the most coveted financial vehicle in America for those who have gotten into serious debt. It’s not easy to get, but if you find the right attorney you could end up in great financial shape after seemingly disastrous personal difficulties. Sound dramatic? It can be.To qualify for Chapter 7, you need to have not filed and received a discharge in a Chapter 7 case for at least eight years and you need to be a financial hardship case. Your income has to be below the median income of an individual or family in your category and you need to understand that not all debt will be dischargeable. Certain items, like back taxes, child support payments, divorce settlements, and student loans are not eligible for discharge under Chapter 7. Your attorney will be able to tell you more.When you first hire a Minnesota bankruptcy attorney to represent you in a Chapter 7 filing, you’ll be put through an evaluation of your assets and liabilities. You’ll want to be accurate with your numbers when you go through this phase of the process. The laws that govern who is eligible for Chapter 7 and who isn’t are very strict. Filing fraudulent numbers of any kind, whether it’s in what you make or what you owe, can result in serious penalties. That would defeat the purpose of what you’re trying to do.After the evaluation is complete, your attorney will help you sort out dischargeable and non-dischargeable debt. As already mentioned above, taxes, child support payments, divorce settlement payments, and student loans are typically not dischargeable. Credit cards, medical bills, personal loans, judgments, and balances remaining on repossessed vehicles might be. Make sure you look at everything and bring records of all payments made to date when you visit your lawyer’s office. Done properly, a Chapter 7 filing can virtually eliminate debt, so don’t leave any creditors out of the process.
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