The Ins and Outs of Chapter 7 Bankruptcy Filing

It is not a secret that Chapter 7 bankruptcy is quite a widespread form, and there are many people who call it a straight or liquidation process. You should be aware that this type is quite fast and simple, and this solution is available to the different groups of debtors, including individuals and private companies. This is how it becomes possible to get rid of your debts.

a man with an empty wallet       i.            One of the main complications that you may have to face is the likelihood of receiving this kind of discharge. That’s why you need to contact experienced and accredited lawyers, such as ariano reppucci pllc law firms. It makes sense to mention that Chapter 7 bankruptcy is often used by those borrowers who are unemployed or have a lot of debts because of medical and other urgent expenses.

ii.            The good news is that the process of filing for bankruptcy is quite simple. The first step that you should take is to consult with your attorney and discuss your current financial situation. Besides, you will have to attend a special creditors meeting. It will take place one month after filing your petition to the court.

iii.            Your creditors have the right to ask different relevant questions, as this is how they can get more information about your valuable assets and financial circumstances. They are not allowed to take any further actions in terms of their debt collection. These may include annoying phone calls and wage garnishments. If they do not meet this requirement, your creditors will have to pay different fines.

iv.            It is important to determine those debts that can be discharged when filing for Chapter 7 bankruptcy. You should be aware that it can be quite hard to cancel your student loans, tax debts, and so on. The same can be said for child custody, alimony, and the debts due to any misconduct.

v.            It is true that one of the most important subjects that must be discussed with your lawyer is the property that you want to save. This step will help you determine whether your real estate is at risk. This is when you need to find out more about available exemptions, and they can be determined by the court in accordance with your financial situation, income, and other aspects involved. In conclusion, filing for Chapter 7 bankruptcy can be the best solution if you want to have a fresh financial start and get rid of multiple debts.