Chapter 7 Bankruptcy Lawyer: Know The Basics Before You Talk To An Attorney
Before you file bankruptcy, you should know the basic facts about this route so that you know what to expect. Talking to a chapter 7 bankruptcy lawyer can also help you decide if this is the right option for you.
If you are considering attempting to start over financially, you should
talk to a chapter 7 bankruptcy lawyer to find out if this is the best
route for you. Not everyone is eligible for this method of getting rid
of past debt, nor is it the ideal option for everyone. While there are
certainly advantages of this route, there are also drawbacks. Talk to an
experienced attorney today to find out more.
One of the first details that you will discuss with a chapter 7
bankruptcy lawyer is whether you are eligible. Your income, expenses,
and the amount of assets that you have will be investigated to ensure
that they meet the average qualifications for this route. If it turns
out that you make more than the average family in your state, you will
likely not be able to file this type of bankruptcy. You will need to use
chapter 13 instead, in which you will create a payment plan to repay
all your creditors at least some of the money you owe.
If you are approved to take this route, you will need to give your
attorney a list of items. This typically includes the names and contact
information of all your creditors, the amount you owe each one, a list
of the property you own, monthly expenses, and the amount and frequency
of your income every month. You may be relieved to find out that once
you file the petition to start this process, and begin working with your
chapter 7 bankruptcy lawyer, your creditors cannot contact you. This
means no more bothersome phone calls or threatening letters.
At this time, a trustee will take over your nonexempt property so that
he can sell it off. The proceeds will go to pay some of your creditors
so that they at least get some of the money you owe them. Talk to your
chapter 7 bankruptcy lawyer to find out what property is exempt from
being sold, as you can usually keep some of your assets during this
time.
Now that you have an idea of what will occur during this process, you
can decide whether this is the right option for you. Not everyone will
be okay with selling nonexempt property, in which case they may wish to
find another way to become debt-free. Talking to an attorney can help
you decide the pathway that is best for you and your family so that you
are not only debt-free in the end, but also satisfied with the outcome.
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If you are in need of a chapter 7 bankruptcy lawyer Kansas City is home to a professional who can offer you the debt relief you need. For more information, visit: http://www.denkerlawfirm.com/
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