Insight to Chapter 7 Bankruptcy
By now you should have heard about new bankruptcy laws. The purpose of the new laws are to safeguard the interests of both the creditors and the debtors. There are many laws of bankruptcy that you would want to apply for. The process of choose the right law can be tough.
Most individuals would prefer Chapter 7 bankruptcy because the law is somehow skewed to protect the debtors. However, there are many qualifying criterias that a debtor must present so that he can file for Chapter 7 bankruptcy.
Whatever the case, here are some pointers that will help you to file for chapter 7 bankruptcy in the right manner:
- Always put bankruptcy as the last option and consider it only when there is no way out.
- Hire a bankruptcy attorney. An attorney will have the knowledge and the ability to assist you in the whole process.
- You must attend credit counseling.
- File petition. The petition will stop your creditors from going for any court proceedings against you.
- Do all your paper works properly.
- All fees should be paid on time.
- About a month after the petition, a meeting will be held. Your creditors will be present and they might ask you question regarding your property and financial capacity and you have to answer. You cannot miss this meeting, it is very important.
So to conclude, when you have followed the abovementioned steps you know you are well on your way manage your debts.
Most individuals would prefer Chapter 7 bankruptcy because the law is somehow skewed to protect the debtors. However, there are many qualifying criterias that a debtor must present so that he can file for Chapter 7 bankruptcy.
Whatever the case, here are some pointers that will help you to file for chapter 7 bankruptcy in the right manner:
- Always put bankruptcy as the last option and consider it only when there is no way out.
- Hire a bankruptcy attorney. An attorney will have the knowledge and the ability to assist you in the whole process.
- You must attend credit counseling.
- File petition. The petition will stop your creditors from going for any court proceedings against you.
- Do all your paper works properly.
- All fees should be paid on time.
- About a month after the petition, a meeting will be held. Your creditors will be present and they might ask you question regarding your property and financial capacity and you have to answer. You cannot miss this meeting, it is very important.
So to conclude, when you have followed the abovementioned steps you know you are well on your way manage your debts.
About the Author:
Do you know bankruptcy? Of course not, but if you have no other alternatives, bankruptcy could be your last resort. Whatever it is, you should get to understand more about Chapter 7 Bankruptcy and find out how you can qualify for it.
posted by Credit Counseling at
5:46 AM
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