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Bankruptcy - Chapter 7 Attorney
Financial issues can cause a ton of stress and suffering, and sometimes you are faced with the decision of filing for bankruptcy.
How to File for Bankruptcy Chapter 7
There are many steps to take while filing for Chapter 7 Bankruptcy and could take you up to at least 6 months to complete.
Steps to Filing for Chapter 7 Bankruptcy
- Get a qualified attorney that can help you fill out all the required forms to qualify.
- Pre-filing for bankruptcy counseling
- File the required paperwork and give your attorney all the relevant documents for filing.
- You will receive a court appointed trustee to manage your filed petition
- You will then have a meeting with your creditors and lawyer, set up by the trustee, to go over forms and financing.
- The trustee then decides if you are qualified for Chapter 7 Bankruptcy
- Your trustee will decide if you have assets that are nonexempt items to be liquidated and be payed to the creditors.
- Secured debts will be offered up as collateral or returned to the creditor. Another option offered is paying the creditor debts worth now or continuing to pay off the debts.
- You then have to take a financial education class from a non profit credit counseling agency
- After about 3-6 months after filing your case it will be discharged and your debts will be forgiven and the case will be closed.
Are you eligible to file for Bankruptcy Chapter 7?
You'll have to take and pass the means test. This test will check your income, expenses and your assets. This info helps find out if you have any income to pay off your debts. Jack Lazarus can help you with this form.
Another requirement is that you cannot have filed and completed Chapter 7 Bankruptcy in the past 8 years.
If you have filed for bankruptcy in the last 180 days you will not qualify.
Jack Lazarus will help you determine status and walk you through each step of process offering you expert legal advise along the way.