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.
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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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