Foster Law Offices strives to provide clients with exceptional service and the efficient resolution to legal matters related to consumer and business debt. We represent clients of all types. From large institutional clients, to bankruptcy trustees and receivers to individuals struggling with mortgage, credit card, business and most other types of debt, our bankruptcy practice offers debt solutions to clients seeking liquidation or reorganization as well as clients seeking to sell or purchase real property or other valuable assets in a Chapter 11 or Chapter 7 bankruptcy case.
A consumer bankruptcy involves bankruptcy cases where more than 50% of a client’s debt is NOT related to business or investments. Consumer bankruptcy cases involve debts such as a mortgage on a primary residence, credit cards, auto loans, medical bills, taxes, and collections. Most consumer bankruptcy cases are filed as Chapter 7 cases. Although a Chapter 7 bankruptcy is sometimes referred to as a “liquidation bankruptcy,” very few Chapter 7 cases involve any liquidation (sale) of a client’s assets.
When filing a Chapter 7, clients are required to disclose personal information such as name, address, social security number, business tax identification number(s), as well as assets, income, expenses and debt as of the date of the bankruptcy filing. Clients must also disclose various other information on the “Statement of Financial Affairs” section of the bankruptcy case.
In addition to disclosing information, Clients are required to complete two credit counseling courses. The first course is taken prior to the Chapter 7 filing and a second course must be completed after filing but prior to discharge. Most credit counseling classes can be completed online.