Many people are finding themselves in desperate financial situations. They may have had an illness that resulted in huge medical mills or experienced a job loss that caused them to fall behind in their bills. Once that situation developed they don’t have the financial resources to pull themselves out of trouble. Pretty soon creditors are calling every day. They need to pull themselves together and call a Bankruptcy Lawyer Camp Hill to develop a financial strategy to get them back on their feet.
If the debtor makes under the median income in their state, then they immediately qualify for the preferred Chapter 7 Bankruptcy process. In less than six months their debt will be erased and they will be free to start their life over. When their Camp Hill Bankruptcy Lawyer files their bankruptcy petition, the judge in charge of the case will appoint a bankruptcy trustee. The trustee will make a list of all of the debtor’s assets. They will then sell all of the assets that federal and state law do not exempt. A lawyer from Serratelli, Schiffman, and Brown will watch the trustee carefully to make sure that he sells only non-exempt assets. Generally debtors are able to keep their homes, cars, clothing, and any equipment they need to make a living. Often debtor’s in this category have no assets to sell. There are some debts that won’t be erased by a Chapter 7 filing. These include student loans and child support payments. However, when other debts are eliminated, the debtor will have more money to pay these bills.
If the debtor makes over the median income, then the law assumes that they have the financial resources to pay back some of their debts over time. When Lawyer Steven J. Schiffman applies for this type of bankruptcy. The court also appoints trustee. This time however the trustee reviews the living expenses and budget of the debtor. He then determines how much money the debtor will get each month and how much money the creditors will get. The Bankruptcy Lawyer Camp Hill ensures that this is a fair budget. This process can take up to five years. Once the repayment plan has been completed any remaining debts are forgiven.
