How to Start the Chapter 7 Bankruptcy Process
When it comes to money, you need to make sure that you are aware of all the facts. Bankruptcy is not something that most people want to declare, but sometimes there is no other choice. Debt can end up getting too big and therefore it is important for you to take a look at what options you have. If you want to seek out specific advice, then you can always talk to lawyers Marietta GA. They will be able to provide you with a little more information on the subject and ensure that you are making the best decision you can.
Before Filing
Before you decide to file for bankruptcy, you will need to speak to an attorney in your area who will be able to guide you through the specifics of the process. He or she will also be able to determine what your current assets are and what you can do in order to pay off some of your debts.
Qualification
The important thing to remember here is that you need to see if you qualify for bankruptcy. This means that you will need to speak to your attorney again who can take a good look at your situation and therefore provide you with the right kind of advice.
Counseling
In most cases, you are going to have to undergo what is known as mandatory credit counseling. In normal cases, you will also have to pay a certain fee for this. This fee is normally going to be between thirty and fifty dollars, although you aren’t always going to have to pay it. In some cases it may end up being waived.
Paperwork
If you do decide to go down the route of bankruptcy, then you will have to sort out your paperwork. Current income, liabilities, expenditures and assets are all going to have to be listed on these forms. There is also going to be a means test that you will have to undergo. This means test is going to ensure that you are not abusing the system.
Filing
You are now going to have to file a petition. As well as this, you will need to file a credit counseling report and all of the completed paperwork to the court. You will need to file this to a bankruptcy court that is in the area in which you are currently living. When you have finally done this, your creditors are not going to be able to do anything to you legally. There will be no fear lawsuits.
Bankruptcy is only a last resort. A lot of people are going to do their best when it comes to trying to avoid it, but sometimes it can just end up being too much. What you need to do is make sure that you are aware of all the facts before you file.
Author Bio:
Liam is a freelance writer and blogger. He writes for a number of different companies, on various issues. These include travel, financial matters and career development.
Category: Bankruptcy
