When faced with financial peril, sometimes the absolute best thing you can do is cut your losses and start again. One of the most ideal ways of going about this is to hire a bankruptcy lawyer and file for Chapter 7. With this in mind, there is a lot of information that you will need to keep in the back of your head, in order to go through the process and understand what it takes. Read this guide, so that you are able to properly file for bankruptcy and take advantage of the help of a bankruptcy lawyer who can look out for you.
What is involved in Chapter 7 bankruptcy?
Filing for Chapter 7 bankruptcy allows you to liquidate your belongings, in order to pay off your debts. It begins with a test that determines whether or not you are eligible for this form of bankruptcy, or if Chapter 13 bankruptcy is more useful. You should be sure that you also touch base with a highly qualified, licensed and insured bankruptcy attorney who can assist you in this regard, so that you are moving forward with the best possible advice.
What benefits do I enjoy for filing Chapter 7 bankruptcy?
The biggest benefit that you receive from filing Chapter 7 is that you get to start anew in your financial life. This gives you the time and energy to start with better practices, in order to avoid debt and rebuild your wealth. Chapter 7 is an all encompassing form of debt relief, since there are no limits on how much you are able to forgive. Further, you will not be subject to a repayment agreement like you would if you were to file for Chapter 13 bankruptcy instead.
How much does it cost to file for Chapter 7 bankruptcy?
Once you are ready to begin your new financial life, it is important that you start to weigh the cost of filing for bankruptcy. You should turn to a quality bankruptcy attorney who can assist you further, while giving you the best rates and service. You will typically expect to pay a filing fee of about $335, in addition to approximately $1250 in lawyer fees to represent your filing from start to finish. Shop around for the best attorney and prices.
Use this information so that you can get the best out of your bankruptcy filing and rebuild your life. For more information on bankruptcy, talk to a lawyer like Dunn Greg Bankruptcy Attorney.