Considering a Chapter 7 Lawyer

Nobody wants to declare bankruptcy and take the ultimate credit hit but sometimes what a bankruptcy can ultimately do to your credit is far better than what years of unpaid bills and debt collectors can do to it. Most people want to pay their bills. Being a responsible consumer is one of those life lessons we learn as we grow up from our parents and other adults in our lives. If you grew up with parents who were financially unstable you probably vowed to not live your life as an independent adult repeating those patterns and if you grew up with parents who taught you to pay your bills and not live beyond your means you probably made great strides to keep up with your expenses.

But sometimes life happens and the best intentions can fall to the wayside. The most recent life event that demolished most consumers was the economic downfall that most of us are still feeling the repercussions from. With record high unemployment in all of the states, there was no where to outrun the job losses. This in turn led to a massive melt down in the housing market that hadn’t been seen since the 1980’s. Foreclosures and abandoned homes littered suburban streets making what were once prospering housing developments look like ghost town.

The result of the recession looks like what you would expect to see after a bomb- dazed confused people, struggling to survive and drowning in debt that they can not pay, no matter how much they may want to.

If it's time to seriously look at bankruptcy, your first step should be to talk to a chapter 7 lawyer who can guide you through the process of bankruptcy. This type of discharge will generally let you erase most of your debt and get a fresh start on your credit. A chapter 7 lawyer can explain to you what can and can not be discharged since not all debt can be erased. For example student loans, alimony, child support and IRS debt can’t be waived but other debt such as credit card, medical bills, auto loans and mortgages can be.

Your chapter 7 lawyer can also guide you through the massive amount of paperwork required for this federal filing. You will have to list all of your assets such as cars, boats, homes, musical instruments, tools and even your family dog in order for the courts to get a clear picture of your financial worth. You will also have to list all of your debt and it’s important that you list all dischargeable debts. If you accidentally forget something it can’t be added later on and it won’t be discharged.

Your chapter 7 lawyer will go with you to court where you will meet in a pretty informal setting with the judge, your attorney and any debtors that decide to appear. If all goes well your debts will be discharged and you will be free to start with a fresh credit record.