How To Get Started With Bankruptcy Chapter 7
If your debts are out of control and you can’t pay them anymore, you might want to think about bankruptcy Chapter 7. If you have multiple debts that you are not paying, your life can be very miserable. Your creditors are going to call you non-stop and they are also going to call your relatives and even your boss. You will start to get threatening letters and eventually your creditors could take you to court.
Once your creditors get a court judgement, they can put a lien on your property and they can also drain your bank accounts. If you decide to file for bankruptcy, all of the harassment will have to immediately stop and your creditors will no longer be able to sue you. If you meet the income limitations, you can have all of your debts legally wiped out and you won’t have to pay them anymore.
Chapter 7 bankruptcy is a good idea if you don’t have many assets. If you have a home with equity or substantial assets, your bankruptcy trustee will make you sell them, so only file for Chapter 7 if you don’t own much. If you have assets you want to protect a Chapter 13 bankruptcy is going to be more appropriate. If you are thinking about filing for bankruptcy protection you should take stock of your assets and your debts. If your debts outweigh your assets and you are tired of being harassed by your creditors, you are going to want to meet with a lawyer and start the process.
Look for a lawyer that charges a flat fee because you will save more money if you do this. You can even do it yourself, but you need to have a little bit of a legal background to do this because it is difficult and if you don’t file the papers correctly you could end up making a mistake and your bankruptcy will be denied and your creditors can continue on with their collection efforts.
If you have no way out of your debts and you are being threatened with legal action or you just can’t stand the constant phone calls anymore, you are going to need to consider filing for bankruptcy. It is a legal way to discharge your debts and get back on a more secure financial ground. You can start over when you discharge your debts and there is nothing wrong with doing it so don’t feel ashamed. Corporations file for bankruptcy all the time and so can you.
You get a fresh start when you file for bankruptcy Chapter 7 and you get a chance to start over when you file a Chapter 7 bankruptcy. You will have to take an income test before you can file for bankruptcy and if you pass the income test you can go ahead and file. As soon as the paperwork is filed with the court the harassment has to stop and any lawsuits have to stop as well. Filing for bankruptcy can give you peace of mind.