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Relieve the Burden of Your Unsecured Debts- Hire a Chapter 7 Bankruptcy Attorney

You'll learn all about Chapter 7 bankruptcy is this guide. Read these facts and consult with a Chapter 7 bankruptcy attorney if you want to eliminate your debts once and for all.

If you have a financial crisis and want a fresh start, you may want to consider filing for a Chapter 7 bankruptcy. Under Chapter 7 bankruptcy, all your non-exempt property will be sold and the proceeds will be distributed to your creditors. Most, if not all your debts will be discharged within months after your attorney files a petition. Chapter 7 is different than Chapter 13 because you will not have to make payments to a trustee.

Will I Lose My House and Vehicle?

Under Chapter 7, you may be able to keep some of your assets such as your house or vehicle. By signing a reaffirmation agreement, you will be able to continue making payments on your auto loan or the mortgage on your home. However, if you have enough equity in your home, you may have to sell it in order to pay off your debts. Most states let you keep clothing, household furnishings, vehicles, the tools of your trade, and Social Security payments. You can do whatever you want with the income you earn and the property you acquire after you file for bankruptcy.

Do I Qualify?

Since business owners who are in debt don't usually like the prospects of liquidation, Chapter 11 may be a better option for them. Individuals who have decent jobs may be better suited to file a Chapter 13 bankruptcy. In order to file for a Chapter 7 bankruptcy, you will have to prove that you cannot afford to pay off your debt. Additionally, when you file for a Chapter 7 bankruptcy, you will have to complete forms and provide the court with information that includes your current income, monthly living expenses, property, debts, money you spent in the last 2 years, property you used to own, and property you sold or gave away.

How Do I File?

Filing for bankruptcy is complicated, so it's a wise idea to hire a qualified Chapter 7 bankruptcy attorney. Leave it to an experienced attorney to handle every aspect of your bankruptcy case.

How Long Does The Entire Process Take?

The entire process takes about 4 to 6 months and it usually requires only one trip to your local courthouse. A week or so after you file for bankruptcy, you will receive a notice in the mail that a meeting has been scheduled. You will have to meet with your creditors and the trustee in court for about 15 minutes. After swearing you in, the trustee will ask you questions about the papers you filed and the bankruptcy. In the majority of Chapter 7 bankruptcies, the is the debtor's only trip to the courthouse. You will also have to complete a credit counseling program approved by the United States Trustee.

Will My Creditors Continue to Harass me?

If you file for a Chapter 7 bankruptcy, your creditors cannot contact you and harass you with phone calls. If they contact you, refer them to your attorney. Furthermore, your creditors will not be able to empty your bank account, garnish your wages, go after your vehicle or house, or cut off your utility service or welfare benefits.

Debts That Cannot be Discharged

Some debts cannot be discharged such as most tax debts, child support, and student loans unless the court says otherwise. Additionally, debts that have been incurred by fraud or malicious acts cannot be discharged.

Find an Experienced Chapter 7 Bankruptcy Attorney Today!

If you're planning to file for bankruptcy, seek out as much information as you can. The bankruptcy process will make a major impact on your life and it's complex. Make sure you hire an experienced Chapter 7 bankruptcy attorney if you want to succeed.

By filing for a Chapter 7 bankruptcy, you will eliminate unsecured debts that you are unable to pay such as bank loans, credit cards, medical bills, business debts, utility bills, and overdraft charges. For people who are facing foreclosure or struggling with debt, filing for bankruptcy may be the best answer to get a freshFree Reprint Articles, new start.

Article Tags: Unsecured Debts, Bankruptcy Attorney

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


When searching out a chapter 7 bankruptcy attorney Modesto residents should check references to make sure they can successfully handle this complicated process. Begin your search at http://www.bankruptcycenterhelp.com/.



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