Chapter 7 Bankruptcy Attorney, Costs and Facts You Should Know
A Chapter 7 bankruptcy attorney has the experience that you need to help you get a fresh financial start. The economy has been tough on many people and the troubles have caused many people to turn to bankruptcy as a last resort to try and get a handle on the downward spiral of money troubles. Chapter 7 bankruptcy is just one of the ways that financial problems can be settled.
Understanding Chapter 7 Bankruptcy
1. Chapter 7 bankruptcy is known as the liquidation or straight bankruptcy option. It means that you will be converting your assets into money to try and meet the requirements of your debts. It is typically the fastest way to get a fresh financial start. Not every situation will qualify for the Chapter 7 bankruptcy option.
2. A court appointed trustee handles the collection of your assets and the selling of those assets. The funds that come from these sales will be paid by the trustee to your creditors.
3. Credit counseling will be required by the court for any person or entity that is filing Chapter 7. The credit counseling will have to be approved by the court and completed within 180 days before the filing. In emergency situations or those rare occasions when credit counseling is not available there will be a required debt management plan that will have to be filed with the court.
4. The right to a discharge, where the debtor no longer has a liability, is only available to individuals that are filing Chapter 7 bankruptcy.
5. There are costs involved with filing Chapter 7 on top of any fees charged by a cheap bankruptcy lawyer. These fees will have to be paid when the bankruptcy is filed with the court. The fees can be paid in installments (up to four) but must be paid in full no later than 120 days after the petition has been filed. The court can waive the fees if your income is less than 150% of the poverty level and you are unable to pay.
6. Filing Chapter 7 bankruptcy will require a large amount of information. You should prepare a list of all your creditors, the amounts of the claims, all your income and those sources, and a complete list of all monthly expenses.
Financial troubles are never fun and these troubled economic times have caused many people to turn to desperate means to get financial problems under control. Bankruptcy may be the only answer to getting things back in order. Chapter 7 bankruptcy lawyers can help you when you need a fresh start with your finances.
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