If you’re struggling with debt, you may be wondering if filing for bankruptcy is the right solution for you. Chapter 7 bankruptcy can help you get a fresh start by eliminating most of your debts.
But it’s important to understand how the process works and what role an experienced bankruptcy attorney can play in helping you navigate it.
Here’s what you need to know about Chapter 7 bankruptcy and how an attorney is essential for financial success.
Chapter 7 bankruptcy is one of the most common forms of bankruptcy protection for individuals, though it does exist for corporate entities.
This type of bankruptcy involves the liquidation of all non-exempt assets in order to pay off creditors. Whatever assets remain after this process are then retained by the debtor, allowing them to begin establishing a new financial foundation.
If a debtor wishes to keep everything that they own, Chapter 7 is not the best option available, as any nonexempt assets must still be sold by the trustee so that payments can begin being sent out to creditors.
To explore this option further, talking with an experienced and knowledgeable bankruptcy attorney is essential. They can provide insight into how the process works and potential effects on a debtor’s future options.
The passage of the Means Test is a necessary step for debtors seeking Chapter 7 bankruptcy protection.
This test requires that the debtor’s income be compared to the median income of their state, as this requirement helps to protect creditors from discharging long-term debt obligations if the debtor can actually repay them.
There are specific rules that define how this determination is made and those seeking assistance should consult with a qualified legal professional to ensure they understand their rights and obligations in order to maximize their eligibility for discharge in Chapter 7 proceedings.
Filing for Chapter 7 bankruptcy is an important decision that should be thoughtfully considered. Hiring an experienced bankruptcy attorney to guide you through the process can be a great help, as they will provide legal advice on how to protect yourself from creditor harassment and maximize debt discharge.
An experienced attorney will understand the intricate details of filing for bankruptcy, helping you ensure all documents are filed accurately and completely, work to reduce your debts responsibly, and represent you in court if necessary.
It is important to understand that you don’t need to handle it alone. With their help and guidance, you can rest assured that your rights are being protected during the bankruptcy process.
An experienced attorney will be able to assist you with this difficult legal matter and provide accurate legal advice. They can help you identify which type of bankruptcy is best for your needs or if there are any other solutions that may work instead, ensuring that you make an informed decision.
Having an experienced professional guide you through the entire process makes the entire experience much easier. Don’t wait — contact us today to discuss your options if you are thinking of filing for bankruptcy.
Filing for Chapter 7 bankruptcy can help reduce or eliminate your debt, allowing you to get a fresh start. However, it is not necessarily the right path for everyone.
An experienced bankruptcy attorney can answer any questions regarding the process. They will provide legal advice and assist you in filing for bankruptcy if it is the right solution for you.
Getting professional advice when considering filing for Chapter 7 bankruptcy is crucial as it helps ensure that you will receive all of the benefits from this type of debt relief plan and protect your rights throughout the process.
At Blue Bee Bankruptcy, our lawyers are highly experienced in foreclosure and bankruptcy filing options. More importantly, we understand that each case we receive is unique and each client has different needs and goals. We will discuss these signs with you and decide the best route to take.
We strive to help our clients rebuild their lives and take steps toward a better financial future through filing.
If you’re dealing with the potential of bankruptcy, give us a call. Our team will work to help you by reviewing all of the options our firm has available. We will ensure you’ll get the best possible outcome for your situation.
Get in touch today so we can start working on either halting bankruptcies or preventing them from taking place altogether!