A lot can be said about when filing about bankruptcy. A lot of myths revolve around chapter 7 bankruptcy. Therefore, you have to be careful about the process and resort to help from bankruptcy attorneys. Sometimes, in order to resolve all your debt and property issues, the best lawyer can guide you for an ultimate solution. Therefore, let’s gather some information on chapter 7 bankruptcy and its attributes.
Defining chapter 7 bankruptcy and how to qualify for the same?
Chapter 7 is a form of ‘personal bankruptcy’’ that helps in giving you relief from all unsecured debts condition. Also known as ‘’liquidation bankruptcy’’, this bankruptcy allows you to stabilize all your personal expenses, credit card bills, medical statements, etc. Therefore, if you contact the best Chapter 7 bankruptcy attorney near me, you will come to know about the qualification process as well.
Signs that already conform that you fall into the category of chapter 7 bankruptcy are as follows:
- If your debts account for more than half of your income, then it’s indicated that you qualify for chapter 7 and not chapter 13.
- Secondly, paying off the money will take a minimum of five years. Plus, married couples who have taken loans also qualify for this bankruptcy title.
- If your debt gets in touch with personal living expenses, you have the right to file for chapter 7.
- If your income is too less and you fail to produce any disposable certificate, you have the right to qualify for chapter 7.
- Finally, income plays a big role when opting for chapter 7 bankruptcy.
Once you are acquainted with the qualification steps, feel free to know the steps of filing for the same.
Filing for chapter 7 bankruptcy:
There are simple steps that you need to follow in order to file for chapter 7 bankruptcy. However, before any initial documents are submitted, you have to find the right type of Chapter 7 bankruptcy lawyers near me. This is to ensure that you receive the right kind of decent representation before the court lawyer. Once you have selected your lawyer, it’s time that you take note of the steps below:
- Start your consultation-
Consultation is really important if you want to solve your case with clarity. Consult your lawyer and get to know the conditions of your case.
- Get an average quote for the service-
Always make an attempt to get an average quote for the service. Ask for the lawyer’s fees as well. Also, keep some cash handy, in case you need it at the time of representation.
- Fill the form and submit the documents-
Filing for chapter 7 bankruptcy means that you have to submit your documents on time. The paperwork should then be approved by the lawyer, for transparency. Faking documents will further lead to trouble.
- Secure financial security-
Once your case is taken before the court of law, you can expect an easy solution to come up. Therefore, all your loss will start to recover and you can assume your normal life once again!
With all of the above conditions, it is really important that you find an experienced attorney for yourself. This will help you further in overcoming all forms of financial loss as well. Plus, your lawyer will talk to your creditors and make things easy for your handle. Therefore, plan ahead, before filing for chapter 7!
Effects that chapter 7 bankruptcy casts upon individuals:
While there are both pros and cons registered against the situation of bankruptcy, some of the possible advantages are listed below:
- None of the creditors or any lenders can come up to you for collection of money. All sorts of aggressive actions are not allowed in chapter 7!
- For individuals who have a low credit score, chapter 7 bankruptcy slowly and steady brings all things back to normal. Therefore, if you do not have to take the pressure here, but have faith in your lawyers.
- Your lawyer will always make the right decision for you. Therefore, analyzing the conditions of repayment is also set up by the lawyer. Here, the rates are less and the burden is equally decreased on your part!
- No extra interest fee is adjustable here.
- No confiscation of property is done. Even your vehicles are kept safe from any illegal activity.
- Finally, you can keep your personal assets too. You will also receive your salary normally!
Is filing for chapter 7 worth it all?
It is definitely worth all the pain that your lawyer takes up for you, to restore your loss and make you financially stable again. Thus, chapter 7 bankruptcy provides inspiration for managing all your losses and getting back on your feet. However, make sure that you secure good protection from the lawyers, in order to get released from debt!