The main reason why people are more inclined towards chapter 7 bankruptcy proceedings is because it has a quick and efficient process. The average time period taken from filing to actually arriving at the end is only about 6 months. Moreover, it allows people to fully discharge themselves of their debts. Most other repayment plans do not offer this relief, only extending repayment plans from a few months to a couple of years, making Chapter 7 Bankruptcy a popular choice.
Under this type of filing, you can liquidate a part of your assets to pay off your debts. Afterwards, you can cancel the remaining part of the unpaid debt and it will be removed from your credit report altogether. This process may sound quick and simple, but there are some tips for Chapter 7 Bankruptcy that you will want to be aware of to ensure a successful proceeding.
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Preparing to File
The debts that cannot be canceled, even with bankruptcy are called non-dischargeable debts. These include unpaid taxes and debts owed to the government and child support. If someone has most of his debts of this type, filing for bankruptcy will prove to be of little help. Make sure you are free of other debts so that you can deal with the non-dischargeable debts.
Finding Help
Find an attorney when you are ready to file for bankruptcy. They are fully aware of the inner workings of the bankruptcy process and can be very useful. An attorney is highly recommended to ensure that the legitimacy of the documents filed and as a proof of the bankruptcy being legal and valid.
Whatever type of bankruptcy you choose first and foremost you need to find a good lawyer and be absolutely honest and frank with him. A bankruptcy filing can have severe repercussions on your credit record and personal life. You should consider all the possible options at your disposal before filing for bankruptcy.
It may not be Over
Although Chapter 7 bankruptcy helps many people it cannot be considered as the end of your financial problems. The court first makes a thorough investigation. People filing for a discharge are compelled to go through a "means test," which involves a comparison of the debtor's monthly income to the state's median income. Bankruptcy petitions undergo a thorough scrutiny including the signature of the lawyer. After many procedures and investigations, the court decides whether to give a complete discharge or not.
The court also looks for abuse. If they find any kind of fraud committed by the debtor, they may reject the whole appeal altogether. If you find yourself in such a position, you will have no other approach or repayment options.
Whatever type of bankruptcy you choose first and foremost you need to find a good lawyer and be absolutely honest and frank with him. A bankruptcy filing can have severe repercussions on your credit record and personal life. You should consider all the possible options at your disposal before filing for bankruptcy.
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