Chapter 7 Lawyer for Starting Over

A Chapter 7 lawyer is the attorney to call when a person is considering declaring bankruptcy. There are different types of bankruptcies, some which reorganize a family’s bills and payments and others that completely liquidate debts as well as assets. With a Chapter 7 proceeding, liquidation occurs in a fairly straightforward manner. The person who is filing gives non-exempt belongings to a trustee of the courts who uses the monetary value of the items to repay bill collectors. While it may be challenging to part with personal property, the relief one may feel from not owing money or being hounded by creditors can be well worth it. With the economy still in a downward dip, more middle class Americans are feeling the pinch and contacting an attorney. Here are some things to think about:

- Shrinking middle class: Many financial experts are pointing to a shrinking middle class. This group has been losing footing as well as homes and jobs. What seems to be resulting is that there are more rich individuals as well as more households falling in to poverty.

- Food prices rising: In 2010, salaries grew very modestly or dropped while other essentials such as food, utilities, gasoline and other goods steadily increased by nearly 3%.

- College degrees don’t guarantee success: More individuals with college degrees are working at jobs that don’t require them. Being underemployed has become a common phenomenon. Nearly one half of jobs are considered “low-income.” Student loans also plague these graduates.

- Millions on aid: Millions of Americans are receiving unemployment benefits and food stamps. Food banks have seen an increase in applicants and a decrease in donations.

- Housing crisis: The housing meltdown is still occurring with more to come. Many neighborhoods have empty houses due to foreclosures and a slew of them are being sold for less than half of what they were worth five years ago. Many former homeowners have lost their homes to foreclosure or tax lien sales.

- Healthcare difficulties: Many individuals have no medical insurance. Years ago, most employers provided medical insurance to employees. Costs for coverage has skyrocketed and many employers are struggling to stay afloat, much less pay for their workers’ insurance. The national programs to insure the masses are still in the process and not yet in play. Meanwhile, when an uninsured person has doctor visits or operations to pay for, it can land them in a pool of red ink.

- Divorces add to difficulties: One of the reasons that marriages break up are financial difficulties. Having money problems is very stressful and there is a tendency for couples to fight about it. Sometimes the marriage doesn’t last and the ex-spouses move into separate homes. Unfortunately, this just compounds cash flow issues as it’s more expensive to maintain two households.

Many Americans are struggling financially and feel there is no other recourse than to file for bankruptcy. In order to learn more about the options, individuals should contact a Chapter 7 lawyer to discuss their situation. Many law practices offer an initial consultation at no cost.