How To File for Chapter 7 Bankruptcy in Maine
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It’s never an easy decision to file for bankruptcy, and filing on your own without help from a bankruptcy lawyer, can be especially difficult and risky. However, with the assistance of Shafto Law, debt relief under Chapter 7 offers a lot of flexibility. The process is typically fast, simple, and complete. In many cases, you will be completely debt-free in about 90 days.
When filing under Chapter 7 in Maine, Shafto Law will ask you simple questions about your financial situation in order to complete the filing, a schedule, plus, prepare you to meet with the trustee. Shafto Law will guide you through the process.
What can I expect when I file for Chapter 7 bankruptcy in Maine?
To start, you’re likely not going to lose your stuff. This is a question we get often. In filing for bankruptcy, no one comes to your home and goes through your belongings. You may not even see a courtroom. But in filing for Chapter 7 in Maine you will need to be prepared to provide all your financial information, you will have to take a financial credit course, and Shafto Law can facilitate the proceedings with your trustee - the person assigned to your case.
Shafto Law will work with you to ensure that your property is protected. In most instances, the whole process takes about 90 days.
How do I file for Chapter 7 bankruptcy in Maine?
Much of the leg work in filing for Chapter 7 is the filing preparation. A law firm like Shafto Law would begin by identifying all your properties or what are called assets. Additionally, all your types of debt will be identified by pulling your credit reports. Be prepared to provide your financial information including tax returns, bank statements, and pay stubs.
Additionally, in preparation for filing, you’ll need to take credit counseling. The process is inexpensive, easy, and is required in order to file.
Lastly, you won’t need to be the one to file. A law firm like Shafto Law will file on your behalf.
Is there a Chapter 7 filing fee in Maine?
Yes, the filing fee is $345. If you are unemployed, you can file to have the fee waived, or you can spread the payments out over time.
How do I choose between filing for Chapter 7 and Chapter 13 bankruptcy?
Most people prefer filing for Chapter 7 over Chapter 13 because Chapter 7 is commonly perceived as easier. In Chapter 7 you likely won’t have to pay back any of your debts. Plus, Chapter 7 offers a faster turnaround of about 90 days versus about 3-5 years with Chapter 13.
Chapter 7 is essentially a fresh start. Think of filing for Chapter 7 bankruptcy in Maine as hitting the financial reset button. All your debts are erased. You’re getting back to basics.
What are the benefits of filing Chapter 7 in Maine?
You can:
Walk away from most unsecured debt
Stop collection actions
Stop evictions
Stop divorce proceedings
Claim exemptions for most of your assets and property
Keep your assets including:
Your house
Your car
Your retirement savings
Your household goods
How long will my Chapter 7 filing case take in Maine?
It might take a month or two to prepare for the Chapter 7 filing. And then in most cases, the rest of the process is about 90 days.
If you have an urgent need to file, you can expedite the filing process with a two-week process. Contact us to learn more.
There are many variables to consider regarding when to file for Chapter 7 and how long the process will take.
Will I lose everything when I file for Chapter 7 bankruptcy in Maine?
The short answer is no, you will not lose everything when you file for Chapter 7 bankruptcy in Maine. You will only surrender your non-exempt property. That’s to say some of your property is subject to being taken, while other pieces of property are ‘safe.’ In the vast majority of cases, you as a debtor don't give up anything.
Will filing for Chapter 7 bankruptcy in Maine ruin my credit rating?
No, filing for Chapter 7 in Maine will not ruin your credit rating but will affect it. By filing for bankruptcy you wipe the slate clean and start rebuilding your credit score immediately.
Can I file for Chapter 7 bankruptcy in Maine more than once?
Yes, you can file for Chapter 7 bankruptcy in Maine more than once, but waiting times apply. To file for Chapter 7, you must wait eight years after the date you received the discharge of the prior case.
Will I ever be able to own anything again? Or will I be renting or leasing for the rest of my life?
Yes, you will be able to own things again, and in most cases, you get to keep all your property. Or your credit score rebounds quickly enough that once again you’ll be able to own a car or home. And no, you will not be stuck renting or leasing for the rest of your life.
Will everyone know I filed for bankruptcy?
No one besides your lawyer and your creditors really needs to know that you filed for Chapter 7. Although bankruptcy filings are on public record, they are not publicized.
How much is a Chapter 7 bankruptcy consultation with a lawyer in Maine?
The initial consultation with Shafto Law is free of charge. Contact us to set up an appointment and learn how we can work together.
Getting Help
As you seek to resolve your Chapter 7 bankruptcy needs in Maine, Shafto Law can help you navigate the often complicated decisions and legality that accompany that process. When you choose to work with us we’re with you through the entirety of your case. Your legal affairs will be handled with expert care and your legal matters will be resolved as favorably and efficiently as possible.
Resolve Chapter 7 bankruptcy with Shafto Law today. You can call us directly at 207-619-4006 or communicate with us via our Contact page. We look forward to working with you.
This article is not intended to be a substitute for professional legal advice and cannot be taken as such. Nor does this article establish any type of attorney-client relationship with Shafto Law. If you’d like to consult with us for advice concerning your specific needs, please contact us to set up an appointment. We are happy to help.
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Bankruptcy Resources
Filing for Chapter 13 allows you to propose a plan that could help you repay all or part of your debt over time. It’s ideal for debtors who have a regular income... Read more.
When seeking relief from debt, bankruptcy is not your only option. Rather than file for bankruptcy, let our firm negotiate directly with your creditors. This process may result in a better solution. Read more.
Bankruptcy Means Test in Maine
Individuals seeking to file for protection from creditors under Chapter 7 of the bankruptcy code must pass, or be exempted from, the Means Test. Read more.
From our law office in Portland, we serve clients throughout southern Maine and the Casco Bay area.
“Most people prefer filing for Chapter 7 over Chapter 13 because Chapter 7 is commonly perceived as easier. In Chapter 7 you likely won’t have to pay back any of your debts. ”
“We’ll work work with you to ensure that your property is protected. In most instances, the whole process takes about 90 days.”