Are you drowning in debt and feeling overwhelmed by your financial situation? Chapter 7 bankruptcy may be the solution you need to get a fresh start. In this blog post, we will discuss what Chapter 7 bankruptcy is, how it works, and the benefits and drawbacks of filing for Chapter 7 bankruptcy.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a legal process that allows individuals and businesses to eliminate most of their unsecured debts, such as credit card debt, medical bills, and personal loans.
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Filing for bankruptcy isn't a simple process. Consequently, a bankruptcy attorney will encourage you to take every possible step to avoid rejection. Keep an eye on these five possible sources of trouble.
Wrong Type
The simplest reason a court might reject a case is because the judge believes it's the wrong type of filing. An individual might pursue a Chapter 7 case, for example, but the judge could state that the filer can afford to handle a payment plan under Chapter 13.
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If you have chosen to file for Chapter 13 bankruptcy, hiring a bankruptcy attorney to represent you can prove vital to the success of your case. This is because, in addition to representing you in court, this attorney will complete several tasks that can ultimately determine the outcome of your case. You can learn more about these three vital tasks below.
#1: Draft The Proposed Payment Plan And Submit It To The Court
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Few things can stress you out more than financial troubles. When the bills start piling up faster than your money, it can almost make you feel like you'll never be able to get a handle on them. It's a tough spot to be in and one that can seem hopeless. However, it's very important for you to remember that there are options out there. Bankruptcy is one, and if you are unsure of whether you should pursue it, here are a few key reasons why it's such an amazing choice.
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If you are thinking about filing for Chapter 7 bankruptcy, you might want to begin several months ahead of time. The bankruptcy courts can look back at a filer's actions before they were even considering bankruptcy so it's important to know why and what you can do about it. Read on and find out more.
Creditors Have a Pecking Order
When a consumer declares bankruptcy, some creditors won't end up being paid a dime.
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