Filing Chapter 7: Understanding the Process

The process for filing a Chapter 7 Bankruptcy is one that is complex and takes time. You can’t just charge into your attorney’s office and expect to have the bankruptcy discharged in a few hours. It's an unfortunate fact that your creditors can actually fight you on this. And depending of your debts, they probably will. You have to meet various requirements. With the new laws that are in place, you may have to really work diligently to make this work. With all of that, do you think will you make it through filing Chapter 7?

Hire An Attorney

You can file bankruptcy on your own, but it is much more effective to hire an attorney that's a bankruptcy specialist because one misstep in the process and you could be in serious difficulties. The attorney will work with you to find the best possible solution for your needs. He or she will also work with you to meet with your creditors, to attempt to come to an agreement. The attorney will also file all of the legal work that must be filed in order for this to happen, without a problem.

Get Your Debts Together

The first thing to do after hiring an attorney is finding out who you owe money to as well as how much you owe them. You’ll need to put together all the account numbers for those accounts and find out if anyone else’s name is on those debts as well. This needs to be done thoroughly and accurately to clean up your debt. If something is not included in the filing of Chapter 7, you’ll still be responsible for it afterwards and you certainly don't want that. One way to confirm what you owe is to pull your own credit report from each of the credit bureaus. This will give you a good idea of who you owe money to, although it may not list everyone because some companies don't report to the credit bureaus.

There is still a great deal to consider. As an example, you’ll need to determine that you are eligible to file Chapter 7. Your attorney will assisst you with a means test to determine if you are eligible. With the new bankruptcy laws in place, this can be quite a challenge. Not everyone is eligible and you may have to work through credit counseling services before you actually can have your debts discharged.

Once you complete the paperwork, you’ll need to sign it. However, that doesn’t mean that you're all done. In fact, it will take three to four months for the proper court procedures to decide if in fact you are eligible to file and if you should be given this opportunity. If so, you will receive official word of your filing within that time frame. The entire process can take a year or more to be completed. Filing Chapter 7 is time consuming process, but can be rewarding if you need the relief..

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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?
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What Filing Chapter 7 Really Means
What To Do Before Filing Chapter 7 bankruptcy

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