Dane Schofield Introduction

Hi this is attorney Dane Schofield in Billings Montana. I have been in bankruptcy law for over 40 years.

I have been retired the last 2 years, but I am coming back to run a small Chapter 7 Bankruptcy firm

What exactly is a chapter 7 firm?

Well there are several types or chapters of bankruptcy available. These sometimes cause confusion.

People hear about a chapter 11 or a chapter 13. These are reorganization bankruptcies. About 95% of bankruptcies are Chaapter7, which is a discharge bankruptcy. This is for consumers who have debt that is overwhelming them debt is discharged, or forgiven

A chapter 7 usually takes about 6 months from start to finish. It will b e on your credit history for up to 10 years. Does that mean you cant get restarted for 10 years? No , not at all. Once your debt is discharged, you will undoubtedly get offers from credit card companies to get a low limit card.

How is that possible you ask if I just filed Bankruptcy? Well you no longer have massive debt and you cant file bankruptcy for 8 years, so you are actually a pretty safe credit risk. This is a good way to rebuild your credit as well.

What type of debt is dischargeable in chapter 7?

Mostly consumer debt, such as credit cards, medical bills, judgments back rent, etc.