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Chapter 7 Bankruptcy Attorney - Making the Decision to File

A Chapter 7 bankruptcy attorney can help you to make decisions about whether or not to file. Find out what the benefits and concerns of filing are.

Individuals may need to turn to a Chapter 7 bankruptcy attorney if they find themselves considering bankruptcy. In this particular form of bankruptcy, the individual will lose any excess property he or she owns to creditors. However, all included debt receives discharge. That means you no longer have to repay the debt. For those struggling to make ends meet, getting rid of debt can offer a fresh start at a strong financial future. Making the decision to file, though, can be a hard won.

Benefits

The benefits of finding a Chapter 7 bankruptcy attorney to file with are numerous. These attorneys will help you to make wise decisions about whether or not filing is right for you. In addition, they can help with:

Answering questions about the law.

Determining if filing is even possible for you, based on the Means Test results.

Offer suggestions on other debt services, such as credit counseling and debt settlement.

Provide you with guidance throughout this legal transition

Help you to learn how to rebuild your credit after the discharge.

However, before any of this happens, you should understand the key benefits to filing. For many, a Chapter 7 bankruptcy attorney is the person to talk to because he or she can answer those hard questions and gets information to you. Consider the following:

Taking this action will leave a black mark on your credit report for up to ten years. Most lenders will not agree to work with you for at least 18 months or longer.

You will have a fresh financial start. This means all included debts will no longer be your responsibility and those lenders can no longer take any action against you.

If you own a significant amount of assets, such as equity in your home, vehicles or other valuable items, you may lose those items. Some things receive protection under the state's exemption laws.

You may see yourself facing significant turmoil in obtaining new credit right after bankruptcy. However, this does give you the ability to rebuild your credit whereas other methods may not allow you to do that.

You do have the opportunity improve your financial future. You can still buy a home, finance a car and use credit cards after some time.

Individuals considering whether to make this big financial decision should realize they should not do it on their own. In other words, talk to a Chapter 7 bankruptcy attorney prior to making the decision. While you do not have to do this, it is often the best decision you can make for yourself. The bottom line is that filing can be a good way to get your life back on track, but doing so with the help of an attorney is the only real way of improving your financial future safely. To get startedScience Articles, simply contact a Chapter 7 bankruptcy attorney and start asking questions.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


You should find a qualified Santa Rosa CA chapter 7 bankruptcy attorney before making any drastic financial decisions. Look no further than: http://www.debtoracle.com/.



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