Are you facing a lot of debt that you are not able to pay off? It does not matter why you are considering filing bankruptcy. Bankruptcy Chapter 7 lawyers are able to guide you during the entire process. The lawyers can help you fill out the right forms and can negotiate with your creditors for you.
There are several questions that individuals may have before, during and after the filing, and experienced bankruptcy chapter 7 lawyers will be able to answer these questions:
- Are you eligible to file?
- Which type of bankruptcy is correct to file due to your financial situation?
- Should you file?
How Does Chapter 7 Bankruptcy Work?
When you hire one of the experienced bankruptcy Chapter 7 lawyers in your area, you will begin the filing process. During this time, a court trustee will be assigned to your case. The trustee will eliminate most of your debt and also liquidate your assets so that your creditors can be paid. Some of your property such as vehicles and homes may not be liquidated if they are not eligible.
The entire process can take up to six months, and individuals are required to pay a fee to file bankruptcy.
Are You Eligible?
If you have previously filed in the last few years, you are not eligible to file again. The court will also consider if you are able to pay off the debts and your current expenses with your income. If so, you may be given the option of filing Chapter 13 instead. By filing Chapter 13, you will avoid having your assets liquidated. However, you will be responsible for following the repayment plan created by the court. A bankruptcy attorney will help determine if you are eligible to file or not.
Do You Have Non-Exempt Property?
After all of the requirements have been completed such as the creditors’ meeting, the court approved trustee will decide what property is non-exempt. As part of the filing, you may be required to relinquish certain property so that it can be liquidated for cash. This money will be used to pay your creditors. The property that can be used varies depending on the state where you live, but after the process is completed, your debts will be eliminated.
It is important to know that some debts cannot be discharged when you file bankruptcy. These debts are:
- Money owed for taxes
- Child support
Speak with Bankruptcy Chapter 7 Lawyers Today
You can learn more about the filing process by speaking with reputable bankruptcy Chapter 7 lawyers in your area. Although bankruptcy is not for everyone, it can provide a new financial start for many people.
Are you looking for an experienced Chapter 7 bankruptcy attorney in the greater Atlanta area? Schedule a consultation with Douglas Jacobson Law Firm for more information.