There are several types of bankruptcy in the United States. A Chapter 7 attorney can help their clients file the most common type. With this form of bankruptcy, the client can liquidate their assets (either individually or those of a corporation) and many times get rid of the debt they owe. If the client in this instance is a corporation or a business, this form of bankruptcy is typically a last resort and almost always means the end of the company's life. Its assets will be sold off and the profits will go to the creditors. In the case of an individual, however, filing can mean getting out from under the crushing weight of debt and having a new chance.
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Getting a Chapter 7 attorney is a must for anyone thinking about filing for this form of bankruptcy. This has always been true, but it is more necessary than ever now that the government has placed restrictions on who can file. The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act put in place many rules that make it much more difficult for people to file. This includes the introduction of mandatory debt counseling and education for those who choose to go through with the process. It also introduced a rigorous formula test that the debtor must pass to be considered eligible. This test looks at a persons disposable income and uses it to determine whether or not they can file.
To move forward with filing, an individual or their Chapter 7 attorney must first file a petition with a federal court in their district. Along with this petition, the client must include a list of their assets as well as their liabilities. Additionally, they must make clear their current income, how much they spend on a monthly basis, their recent bank statements, tax returns, and more. The court must have a clear picture of the individual's financial history and their current situation in order to make an informed choice. The burden is on the individual to make the case for their own insolvency and inability to pay back their debts. This is where having a good lawyer by one's side is so important. They will know what materials you need and what information you need to present.
If you're thinking about filing for bankruptcy, look through local directories to find a Chapter 7 attorney that can help you move forward. They will not only be able to determine whether or not you are eligible, they will be able to advise you on how to best continue with the process.
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