Are you thinking of filing for bankruptcy? Then you should know that there are two major Chapters (7 and 13) in the bankruptcy law under which you will be able to file. However, if in deep debt, generally people prefer to opt for filing under Chapter 7 bankruptcy. Remember, filing a case for insolvency is a serious decision and you should reconsider it twice before presenting the documents before the court of law. If the case is not filed properly, the decision might go against you causing severe losses that you won't be able to cope with. That is why you must hire an experienced lawyer to handle the case on your behalf. There is actually a long list of things that you must know about filing such a case. Given below is a short discussion on the vital things that you just cannot afford to ignore:
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* A short introduction to Chapter 7 Bankruptcy
Under this form of bankruptcy, you can apply for debt relief by liquidation of your assets under the supervision of a court-appointed trustee. Whatever amount is collected from such liquidations process will be used to pay off the creditors. If there is any money left in the process after all your debts have been cleared, it will be returned to you. If in case after the liquidation process, a part of your debt still remains, the loan will be discharged by the court of law. However, you must remember that there are certain exemptions to the assets that can be seized by the court for liquidation. It can offer you a much-needed fresh financial start.
* Situations when Chapter 7 bankruptcy is preferable
- If most of your debts are unsecured like medical bills and credit card loans, you should consider filing under this Chapter.
- If your average monthly income is below the average amount of income for a family like yours, you can file for a case under Chapter 7 bankruptcy.
- It will be a good idea to file for liquidation under this Chapter, if you do not have an important asset like a house to lose. It basically means that if you are living in a rented apartment, you can file for such a case.
- Check whether you are having assets that could be liquidated under Chapter 7 bankruptcy. If you don't it will not be a good idea to file under this form of bankruptcy.
If it's not been 8 years that you got discharged from a Chapter 7 case, you are not eligible to file for another case under Chapter 7 bankruptcy. Kansas City comprises a few great lawyers whom you can consult about suchlike aspects of an insolvency case.
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