The Necessity of a Chapter 7 Lawyer

Chapter 7 bankruptcy is the most common form of filing in America today. This life altering choice completely liquidates your assets in order to pay your debtors and get yourself back on financial track. Although this is a difficult matter to go through for you and your family, it is important to have a strong legal guide through the procedures so that all the paperwork filed with the federal government is accurate and precise and there is nothing to dispute.

If you are filing under this chapter as a business, you are basically going through the process of ending your company. For you, there may be other alternatives to save the business you started. For individuals, however, it can provide you with a clean slate start. It may be difficult to give up your physical and financial assets in order to start over, but the anxiety of overwhelming debt is often worse which is one of the reasons why so many people consider this solution for their financial problems. A chapter 7 lawyer can help you or your business file properly.

There are law firms out there that specialize in bankruptcy law. A Chapter 7 lawyer shouldn’t be considered optional. Their services are necessary for you to properly take care of the preparation and paperwork necessary to take your case to federal court. One of the most important initial tasks they can help you with is to determine whether you qualify for eligibility. A number of evaluations and tests are run in order to make sure this is a viable solution for your financial problems. If you are not eligible, they may suggest alternatives such as credit counseling or liquidating some of your most valuable assets such as your home or your car in order to help you pay for debts without filing.

When you are determined eligible, then you can move forward with the paperwork. You Chapter 7 lawyer will compile a history of your finances including your income, your expenses, bank statements, tax returns, and any investments you may have. This information will be considered when the federal courts consider your case and grant the bankruptcy. It usually takes about $300 to file for bankruptcy, a cost you have to take into account as well. Some firms do allow you to finance this amount along with the legal fees you are charged for their assistance.

You can file without the assistance of a Chapter 7 lawyer, it is recommend that you don't. There are so many legal requirements to adhere too and they can be complicated to a layman. There is a reason lawyers and firms choose to specialize in this field, because they want to provide the best possible service to clients, understanding the process in detail. Short of being a Chapter 7 lawyer yourself, it is important to understand the difficulty of taking on this task yourself. Any and all mistakes will put you right back where you started and never solve the problems you’re hoping to get out from under.