We all hit hard times occasionally and have to get help financially. This is when bankruptcy could be an option for you because it helps you get that "fresh start" you need to help you get out from under your debt burdens. The most common type of household bankruptcy is Chapter 7, which requires that you sell all your assets so that your debts can be paid.
If you think you may be a good candidate for bankruptcy, you must check with a local Chapter 7 attorney to see if you are eligible because the laws do vary by state and by case. In order to determine eligibility, you need to take a test that figures out exactly how your expenses compare with your income. You will also need to take credit counseling classes and have your budget analyzed. Your Chapter 7 attorney will be able to help you know what your options are.
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In order to file for this type of bankruptcy you need to file a petition for intent that your lawyer has put together. This petition includes a complete list of everyone you owe, where your income comes from, all your assets, and a list of what you need to live on. By filing this petition, your creditors are required by law to stop collections from you until your bankruptcy is finalized. However, they can petition the judge to lift the stay if they feel as though too much money will be lost. Once your petition has been filed, you will be appointed a trustee to help manage your case and go between your lawyer and the court.
It is good to know that there is some property that cannot be taken from you. These often include your home, tools that are needed on your job, life insurance contracts that have not matured, aids or your prescriptions, benefits from social security, veterans affairs, unemployment, and any previous lawsuit awards.
Sometimes you can make arrangements with your creditors that allow you to keep your home, car, or anything else you want. This is if you agree to make payments on them that were previously agreed upon. These arguments will require you to meet certain time limits and may come with a purchase option, which allows you to finish paying your loan so that you won't lose your property. This option, however, is rare.
When you are struggling to keep up with your bills for whatever reason, hiring a lawyer can help you stay afloat. A Chapter 7 attorney will put together a plan to help you get out from under your debts.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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