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Chapter 7 Bankruptcy

Kocinski Law Offices, LLC strives to solve its clients’ financial problems they are experiencing and to provide the legal services they need.

The law firm of Kocinski Law Offices, LLC helps people, who due to a variety of circumstances such as those caused by sudden events such as job loss, business failure, death, divorce or illness, must consider the possibility of bankruptcy so they can get a discharge of some or all of their debts and be provided with a fresh start.

Chapter 7 wipes out dischargeable debts like credit cards, personal loans, repossessions, judgments and law suits, medical bills, utility bills, payday loans, and wage deductions. Some debts, however, cannot be discharged, like most taxes, child support, alimony, most students’ loans, court fines and criminal restitutions, personal injury caused by driving drunk or under influence of drugs.  The discharge only applies to debts that arose before the petition was filed. Generally, you do not lose any of your assets since federal exemptions allow you to keep your property.

If you are considering filing for bankruptcy please Contact us to schedule a consultation so one of our experienced bankruptcy attorneys can help you to determine if Chapter 7 bankruptcy is a possible financial solution for you.

 What Debts Are Erased By A Bankruptcy?
  • Credit cards

  • Personal loans

  • Repossessions

  • Judgments and law suits

  • Medical bills

  • Utility Bills

  • Payday loans

  • Wage deductions

 What Debts Are Not Erased By A Bankruptcy?
  • Child support and alimony

  • Debts for personal injury or death caused by your drunk driving

  • Income tax debt

  • Student Loans

What Will Happen to My Home and Car if I File Bankruptcy?

Generally, you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.

Can I Own Anything After Bankruptcy?

Yes. Many people believe they cannot own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy discharge, that money or property may have to be paid to your creditors if the property or money is not exempt.

How long does a bankruptcy stay on my credit report?

The fact you filed bankruptcy stays on your credit report for up to10 years.  It becomes less significant the further in the past the bankruptcy is.  Also, the truth is that you are probably a better credit risk after bankruptcy than before.

Are Utility Services Affected?

Public utilities, such as the electric company, cannot refuse or cut off service because you have filed for bankruptcy. However, the utility can require a deposit for future service and you do have to pay bills which arise after bankruptcy is filed.