3 Things To Know About Filing For Chapter 7 Bankruptcy

If you're in the midst of a financial bind, you may want to consider the many benefits of filing for Chapter 7 bankruptcy. The completion of filing for this status with success can allow your debts to be paid for you. This is sure to help ease your mind and allow you to feel better about your financial situation. Knowing specific things prior to filing for a Chapter 7 bankruptcy is essential if you want the process to go smoothly.

The Costs

When money is running low, the last thing you will want to have to do is to come up with money you don't have to file for this financial status. The good news is that when you take the time to file for this bankruptcy, you will only be required to pay $335. This will cover the amount of your administrative fees and court costs that must be paid when you file for bankruptcy.

The Forms

It's important to understand that you won't be granted this legal status without being able to prove that you're eligible for it. This means completing the necessary forms that prove you have too much debt that you simply can't repay.

Listed below are forms you will have to complete to prove you're eligible for this status:

1.  It's necessary to list some your monthly expenses.

2.  You will need to provide the full amount of your income and be able to verify this amount with either an old pay stub or a past W-2.

3. You should have the full summary of your credit card debt listed and any of the creditors that you may owe this money.

The Automatic Stay

One of the biggest benefits for you may be getting the automatic stay. This will avoid any creditors being able to contact you once you have completed the necessary forms for the bankruptcy.

Additionally, many people are happy to know that no legal action can be taken due to late payments or being unable to pay the debt promptly. This will go into effect as soon as you file for this status.

Taking charge of your financial situation isn't always easy. Changes in life and the inability to meet some of your financial obligations are entirely possible for any individual. If you need professional advice when it comes to filing for this status, be sure to talk to a bankruptcy attorney who can assist you.

About Me

what my bankruptcy lawyer taught me

I took the leap and left the company that I had worked with for nearly fifteen years and opened a business of my own. Things went very well for the first few years, but when my health started going south, it became difficult for me to keep up with the workload. Eventually, I had to close my business and was left with no income and a whole pile of bills that I couldn't pay. After months of dealing with debt collectors calling my home every single day, I decided to talk with a bankruptcy attorney to find some help. Find out what he taught me right here on my blog.