What to Expect When Filing Chapter 7 Bankruptcy

Jan. 21, 2010 - PRLog -- You will need to arrive at some large decisions before you may file for bankruptcy and the most important of these is whether to file for Chapter 13 bankruptcy or Chapter 7 bankruptcy. The more common of these two choices is Chapter 7 bankruptcy and before you decide to take this option you need to understand a couple of things about it so that you are certain it is the right choice for you.
To start, the thing you should understand is that the decision of which chapter to file is not your option. After a detailed presentation of your income and assets is shown to the courts, then it is the court's decision as to which chapter you can file. In fact, with the radically changed bankruptcy laws in existence, there is even a possibility that you will not be allowed to file for bankruptcy.

This chapter is also referred to as liquidation, and this type of bankruptcy is the standard option for most people. This chapter of bankruptcy will eradicate your current financial obligations, but you need to keep in mind that the bankruptcy court has the authority to sell or liquidate a portion of your property in order to pay off the debts that you owe to your creditors.

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Likewise you must be aware that even with Chapter 7 Bankruptcy, there are certain types of debts that cannot be erased, so if your financial obligations consist of a great deal of this type of debt, receiving approval to file is not going to help you much at all.

This option is so common because more often than not the individual owes so much money to debt holders that it is not feasible to file for bankruptcy and then anticipate the debt to be completely forgotten. It is frequently the case that the person will need to relinquish a portion of their assets such as their car and even their home so that the court can recoup some of the money that is owed to creditors.

The process for filing for Chapter 7 bankruptcy can be very complicated but if you have done your research and have a general thought of what you need to do, any troubles you face should be minimal. The first thing you must do is look closely at your debt. Determine to the exact number how much money you owe and who your creditors are. Next, you must consider all the options and determine there are no other choices available to you. For example, could you get a second job or save enough money so as to avoid going bankrupt? If the answer is no to this and other choices then your only option is to then file for bankruptcy. Bankruptcyonly.com should only be employed as the last resort to resolve your severe financial problems.

Now you need to be sure that you are in fact entitled to file for Chapter 7 bankruptcy. After you have worked this out and are eligible then you can start completing the applicable paperwork and setting up a meeting so that you can learn all aspects you must know about the procedure and the next steps you need to take. You will be required to likewise settle on any secured debts and file any motions or objections as required.

The next stage is getting your discharge and the process is virtually complete. If you are not entirely comfortable with working with this procedure alone then you might wish to find someone to provide you some help. You can find some well-qualified professionals who are well versed in the bankruptcy process and who can determine you are doing it correctly and indeed it is the correct option for you.

For more insights and additional information about Chapter 7 Bankruptcy as well as getting a free bankruptcy evaluation from a qualified and experience bankruptcy lawyer in your area, please visit our web site at http://www.bankruptcyonly.com

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