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Last Updated: June 27, 2022

Aspen Legacy Planning - Main Office

909 Saint Joseph Street, Rapid City, SD 57701
Rapid City, SD 57701Facebook

Chapter 7 Bankruptcy

Aspen Legacy Planning is a bankruptcy law firm that provides sound legal advice and representation to clients experiencing debt problems in the Greater Rapid City area. The firm's bankruptcy lawyer, Stephen J. Wesolick, helps clients navigate through chapter 7 and chapter 13 of the Bankruptcy Code. Wesolick carries more than 26 years of legal experience and is committed to putting clients' needs and interests first. Aspen Legacy Planning also handles estate planning, elder law, and family law cases.

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909 Saint Joseph Street, Rapid City, SD 57701
Rapid City, SD 57701

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Reputation: A+

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We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

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2 (Better)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

23 (Better)

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Consistent (Best)

Professionalism: A

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Responsiveness: A+

Friendliness: A+

Helpfulness: A+

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Frequently Asked Questions:

Q: Can anyone file bankruptcy?

A: Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

Q: How bad is it to file bankruptcy twice?

Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.

Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.

Q: Can they take my car in Chapter 7 bankruptcy?

A: In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

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