If you're facing crippling debt and can't recover, it may be time to consider filing for chapter 7 bankruptcy. It's intended for those with limited income and can take some of your debt away. So that this process goes smoothly from start to finish, remember these tips.
Understand Its Benefits
So that you can truly decide if chapter 7 bankruptcy is right for your financial situation, you need to understand what some of its benefits are. First and foremost, when you file for chapter 7 bankruptcy, you essentially get a fresh start. You won't be obligated to pay certain debts and can re-structure your financial goals so that you're not as stressed.
You also don't have to worry about a debt repayment plan if you decide to file for chapter 7 bankruptcy. This is ideal if you don't have a lot of disposable income to give creditors what you owe. Lastly, the discharge of certain debts can be completed within several months.
See If You're Eligible
Before you start making any detailed plans and get your hopes up, you should first see if you're even eligible to file for chapter 7 bankruptcy. As mentioned earlier, you have to be within a certain poverty line to qualify for this bankruptcy option.
The cutoff for how much you can make varies from state to state, so you'll want to look online to see what bankruptcy regulations are set in your area. Also note that you'll have to provide thorough documentation showing your monthly and yearly income. If you meet the necessary criteria, you can proceed with confidence.
Hire an Attorney
Filing for bankruptcy is a big decision, one that you can't easily reverse. Because of the gravity of this situation, you should consider working with a chapter 7 bankruptcy lawyer. They can help you out in many ways.
First, they'll assess your financial situation to see if this bankruptcy option is the right tactic for your financial future. If it is, they can proceed by helping you fill out the necessary forms. They'll make sure they're complete and error-free, so you can avoid costly delays. Finally, your attorney can prevent creditors from harassing you if the debt you owe them is discharged.
When debt becomes insurmountable, you should think about filing for chapter 7 bankruptcy. It doesn't have to be as scary as it seems, either. You just need to do your research and work with the right attorney who can guide you through this stressful time.
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