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Each year millions of people file Chapter 7 Bankruptcy. It's true
that while there are more and more cases that are being turned away
due to the new bankruptcy laws in place, many are still finding
benefits in filing these discharges.
There are several things you can to determine if this is the
right course for you.
- Have done everything in you can to lower your debt on your
own and get out from under it?
- Determine if you qualify for bankruptcy by talking with your
attorney about Chapter 7 and Chapter 13. Usually taking a means
test with him or her will determine this.
- Educate yourself about what the process entails. You
attorney can fill you in in the details of this lengthy process.
You should know a number of very important things about
filing Chapter 7 before making your decision. As an example, you
should know that the best person or couple to file this type of
filing is someone that has few or no assets. Because your creditors
can stake claim on these assets, you will need to relinquish
anything that is of value with a couple of exceptions.
Each state has requirements in place that determine what you can and
cannot keep when you file. In some states, you will be able to keep
the equity that you have in your home. In others, you will have to
turn over your household goods, like furniture and fixtures, that
are above of a certain dollar value. Some states, allow you to keep
your wedding rings and others do not.
When it comes to your home and your car, it varies depending on the
state that you live in. In some states, you will be able to keep
them if you are current on your payments and your lenders agree to
continue with the payment plan. In other states, you can lose your
home and/or cars to your bankruptcy filing. The funds from any sale
of assets will go to your creditors to pay off the money you owe in
debt. Even if it is just a small amount, it will be split fairly.
The process of filing Chapter 7 will take any place from three
months to a year before your debts are finally discharged. During
this period of time, you can’t apply for new credit or spend on your
old credit cards. In addition, there are restrictions on how often
you can file Chapter 7.
Is it right for you? You should talk to your attorney to learn more
about whether this is the right choice for your financial future or
not.
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Debts That Filing Chapter 7 Won't Take Away
Filing Chapter 7: Is It The Right Thing For You?
Filing Chapter 7: Understanding the New Laws
Filing Chapter 7: Understanding the Process
The Basics Of Filing Chapter 7
Here's Why Is Filing Chapter 7 Is A Good Plan
Is Filing Chapter 7 Bankruptcy In Your Future?
Here's the title
What Filing Chapter 7 Really Means
What To Do Before Filing Chapter 7 bankruptcy
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