Can A Chapter 7 Lawyer Help You?

The Advantages Of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most popular type of filing because it wipes the slate clean. You are no longer forced to pay off your debts, and once the process is complete, all of your wages, savings and possessions are yours. In other words, it gets them completely off your back, and then it's a done deal. You're no longer in debt to anyone and you can start anew.

Another reason it's good for lots of people is that it doesn't have a minimum. Other types of filings have required minimums, which may make you ineligible to resolve your debt problems with them. Not only is it easier than the others, it can be done much more quickly. With the process fast and relatively easy, you can be debt free and starting over with a clean slate in no time.

Is Chapter 7 Right For You?

It may sound like a dream come true, but you should be aware of the huge disadvantages that Chapter 7 also presents. As we mentioned earlier, you'll be required to sell off lots of your assets. This means you can lose your property. For this reason, this type of filing is good and relatively painless for people that don't have lots of assets to lose.

You should also consider that not all debts can be cleared with this type of filing. You may be able to get some debt relief and have major creditors out of your life, but there still may be a debt or two hanging around, and you will have to pay it. A Chapter 7 lawyer will be able to advise more on this subject.

Chapter 7 bankruptcy, like all types of filings, destroys your credit rating for years to come. Of course, with a clean slate, you can start building up credit again. But you should realize that you'll be unable to get big loans for years after your filing. This is something to consider if you're thinking about buying a home in the near future.

Use a Chapter 7 Lawyer

Filing can be a headache, but it's a process that you have to go through. Consult with a Chapter 7 lawyer. Once you're sure that you're eligible for this type of filing, you have to attend mandatory credit counseling. This is a required step that can be painful, but it's a trade-off for the relief that comes at the end. There is a lot of paperwork that you'll need to work through, and you'll still have to file a petition with the court.

It may sound daunting, but this is still the easiest type of filing! The process is a little confusing, so using the services of a Chapter 7 lawyer will help you get through the tricky parts. A consultation with an attorney who specializes in this area of the law can also help you at first to determine if it's right for you. They can look at your finances and give you an idea of what the process will entail.

It isn't for everyone, but getting a Chapter 7 lawyer has helped a lot of people get out from under their debts, and it's an option worth thinking about.