Essential Guide to Chapter 7 Bankruptcy
Are you facing an insurmountable pile of bills day after day? Do you feel disheartened and frustrated? Then you should consider having your debts discharged because your financial affairs can take a toll on your emotional and physical well-being. While bankruptcy may seem like a last resort for solving debt problems, it can actually be a sound solution for many individuals.
Chapter 7 is a widely used tool that can potentially eliminate all of your debts, so that you can live with a better financial situation. Many individuals prefer to choose bankruptcy instead of losing their possessions or being dragged into court by their creditors. Chapter 7 can give you peace of mind and helps eliminate the headaches that you are experiencing.
Commencing a Chapter 7 filing begins with a bankruptcy application. This form will require you to list your personal contact information, social security number and creditors. In addition, you will have to disclose your financial information to prove the necessity for a discharge of all debts. A Means Test will be conducted in order to verify that paying your debts creates an undue financial hardship.
Once an application is filed, an automatic stay will be in force that will freeze your creditor's collection efforts for the duration of the proceeding. On average, you can expect a discharge of debts proceeding to last for approximately 4 months, unless complex issues arise in the case.
When you decide to discharge your debts, you will be able to experience a variety of benefits that may include:
As you can see, discharging your debts can positively affect your life. Being given a second chance is the best thing that can happen to you.
Using an experienced attorney to handle your Chapter 7 legal matters is important. It can make the difference between having your application approved and being denied.
Bankruptcy law is complex and requires the expertise of a legal professional that has the necessary education and training to apply it to your specific situation. An attorney that is familiar with Chapter 7 proceedings can dedicate the proper amount of time to your file so that it is completed in a precise manner.
If you are considering a Chapter 7 bankruptcy, then you should receive the guidance and advice of a qualified attorney that cares!
Are you facing an insurmountable pile of bills day after day? Do you feel disheartened and frustrated? Then you should consider having your debts discharged because your financial affairs can take a toll on your emotional and physical well-being. While bankruptcy may seem like a last resort for solving debt problems, it can actually be a sound solution for many individuals.
Chapter 7 is a widely used tool that can potentially eliminate all of your debts, so that you can live with a better financial situation. Many individuals prefer to choose bankruptcy instead of losing their possessions or being dragged into court by their creditors. Chapter 7 can give you peace of mind and helps eliminate the headaches that you are experiencing.
Chapter 7: How It Works
Commencing a Chapter 7 filing begins with a bankruptcy application. This form will require you to list your personal contact information, social security number and creditors. In addition, you will have to disclose your financial information to prove the necessity for a discharge of all debts. A Means Test will be conducted in order to verify that paying your debts creates an undue financial hardship.
Once an application is filed, an automatic stay will be in force that will freeze your creditor's collection efforts for the duration of the proceeding. On average, you can expect a discharge of debts proceeding to last for approximately 4 months, unless complex issues arise in the case.
Chapter 7: Benefits
When you decide to discharge your debts, you will be able to experience a variety of benefits that may include:
- Eliminate Collections. Debts that are discharged can no longer be collected upon. This means that creditors must cease all collection efforts that include phone calls, demand letters, wage garnishments and lawsuits.
- Rebuild Credit. Once a bankruptcy is complete, you can begin to rebuild your credit so that your report is repaired and improved. With fewer debts, you will be able to make on time payments and increase your credit score.
- Keep Vital Possessions. A Chapter 7 case will often allow you to keep essential items such as clothing, household goods, car and main residence. This reduces the stress that is commonly associated with moving forward with this type of proceeding.
- Hold Your Head Up High. When you do not avoid your debts and your creditors, you can feel better about yourself.
As you can see, discharging your debts can positively affect your life. Being given a second chance is the best thing that can happen to you.
Chapter 7: Legal Assistance
Using an experienced attorney to handle your Chapter 7 legal matters is important. It can make the difference between having your application approved and being denied.
Bankruptcy law is complex and requires the expertise of a legal professional that has the necessary education and training to apply it to your specific situation. An attorney that is familiar with Chapter 7 proceedings can dedicate the proper amount of time to your file so that it is completed in a precise manner.
If you are considering a Chapter 7 bankruptcy, then you should receive the guidance and advice of a qualified attorney that cares!
WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE U.S. BANKRUPTCY CODE. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
Copyright © 2010 by The Law Office of Ruben Fernandez. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
Ruben Fernandez
P.O. Box 391
Durham, NC 27701
Phone: (919) 451-1091