Chapter 7 bankruptcy can help you liquidate your debts with your creditors collecting the funds from the sale of your assets. At the end of the process, most of your debts will be discharged. Chapter 7 bankruptcy is available to married couples, individuals, corporations, and partnerships. It is one of the most common forms of bankruptcy in the U.S.
People file for bankruptcy for different reasons. A sudden illness in the family, unemployment, or one's personal illness could make repaying debt very difficult. The truth is that many people file for bankruptcy for viable reasons.
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If you're thinking about filing for a Chapter 7 bankruptcy, you must be able to prove that you are not able to file for a repayment plan. In addition, you must provide a list of your assets. Your expenses and income will also be examined if you file for bankruptcy. For instance, if you earn less than the median income, you can file for a Chapter 7 bankruptcy. When you file for bankruptcy, you must provide a list of your creditors, the amount and type of their claim, the frequency and amount of your income, a list of your property, and a list of your monthly expenses.
If the court decides that you can go through a liquidation bankruptcy, you will have to attend a meeting with your creditors. At the meeting, you and your creditors will discuss the assets that will be liquidated. Your creditors may agree to accept partial repayment of your debts. Keep in mind that certain types of debts cannot be erased such as student loans.
Filing for bankruptcy can become quite involved and the process is complicated for most people. It's always a smart idea to hire a Chapter 7 bankruptcy attorney to handle the bankruptcy. A Chapter 7 bankruptcy attorney will make the process easier for you and answer any questions that you may have.
If you file for bankruptcy, you must attend credit counseling. Your credit counselor can help you rebuild your credit after you file for bankruptcy. Remember that it will take time for you to repair your credit. A bankruptcy will stay on your credit report for 10 years. This doesn't mean that you will not be able to get a job, rent an apartment, purchase a house, or get a credit card within a few years after a bankruptcy.
If you file for a Chapter 7 bankruptcy, you may be able to keep exempt property such as your residence, trade or professional tools, unmatured life insurance contract, prescription health aids, Social Security, disability, illness or unemployment benefits, and proceeds from a judgment.
If you file for a Chapter 7 bankruptcy, you can say goodbye to most of your debt. The majority of your unsecured debts, personal debts, and medical debts will be eliminated. You'll have more breathing room financially and improve the quality of your life. So if you're having a tough time paying off your debts and managing your finances, I strongly recommend that you consult with a Chapter 7 bankruptcy attorney today!
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