Chapter 7 bankruptcies, occasionally termed "liquidation bankruptcy" terminates your debts. However, you possibly have to allow the bankruptcy court sell (liquidate) a part of your property to benefit your creditors, in case you are unable to repay the borrowed amount. It relates to the chapter- 'The Federal Bankruptcy Code'.
Time and Money: The entire Chapter 7 bankruptcy procedure takes a minimum of four, and a maximum of six months. The fee for the entire process is low - so, it will not punch a big hole in your pocket. Usually, only a single trip to the courthouse is sufficient. It is necessary to fulfill credit counseling from an agency permitted via the US Trustee. However, for an individual who is a stranger to the process, things may seem complicated. It is under such situations that a Chapter 7 bankruptcy attorney can help you.
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Why Hire a Chapter 7 Bankruptcy Attorney?
* First of all, the Chapter 7 bankruptcy attorney will give an explanation about the resources which have to be included while filing your petition, and which can be kept aside for personal reference. He/ she needs to know each and every detail of your financial status prior to the filing for such a petition and representing the case correctly in court.
* Secondly, these lawyers shall also update you about the debts which will be released as a consequence of the bankruptcy, as well as which will continue and you have to keep paying back. These attorneys may possibly enable you to retain a part of the property to facilitate you in moving on with life post bankruptcy. On occasions, these lawyers may request few assets (such as your car) to be allotted to you - so that you may continue with normal course of life.
* Thirdly, professional assistance is essential to prove that since you are a defaulter in making repayments, the creditors should exclude you without filing a lawsuit. If you seek professional advice from a qualified Chapter 7 bankruptcy attorney, it will be easier for you to control the finances.
* Additionally, when you possess debts which cannot be released in bankruptcy (such as child support, tax debts or government fines) these lawyers can assist you to plan a realistic repayment scheme for paying off the debts over time.
* If you are looking for an efficient Chapter 7 bankruptcy attorney- Chattanooga (TN) residents along with other citizens in Northwest Georgia can visit moneyproblems.com. The law firm of Eron Epstein features some of the best bankruptcy lawyers who can help you in rearranging the finances, manage income, and maintain future financial security.
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