If you’re in a lot of debt, you might be looking into bankruptcy in order to help you get it under control. However, all types of bankruptcies have different requirements and procedures attached to them. So if you ask yourself, am I eligible for chapter 7 bankruptcy, you’ll want to talk to a lawyer who specializes in chapter 7 bankruptcy. While this is a major decision for you, it is their profession and they deal with these situations every day. So active bankruptcies are normal for them and they can go through the process with a clear head and a focus on the logistics over the emotions attached. If you decide to apply for bankruptcy on your own, you might find that your petition is denied and you’ve wasted all of that time. So make sure you do things correctly from the start and you’ll have a better chance at getting approved. A lawyer might cost more money up front, which can add stress to your already difficult financial situation. But a chapter 7 bankruptcy is a serious decision to make, so it’s worth the additional cost to get a lawyer.
If you are in debt over your head, Chapter 7 bankruptcy might be an option you’re considering to get a new start on your finances. Out of the 1,071,932 bankruptcies filed in the United States in 2013, 728,833 were Chapter 7 bankruptcies, making it the most popular form of bankruptcy in the country.
However, if you don’t file for Chapter 7 bankruptcy the right way, you could risk having your petition denied. It’s important to make sure you have legal representation to both advise and represent you as you move toward a debt-free future.
Here are the top four reasons why you should consider hiring a Chapter 7 bankruptcy attorney as you file for bankruptcy:
1. Less work and stress on your hands: Filing for Chapter 7 bankruptcy takes a lot of paperwork, time and effort. Without anyone to help you, it can become a major source of stress — and that’s if you know how to file for bankruptcy in the first place. A Chapter 7 bankruptcy attorney can be a valuable source of knowledge and support, whether you’re wondering what is Chapter 7 bankruptcy or simply when to file bankruptcy.
2. Protection from creditor harassment: It’s commonly known that creditors and lenders will employ debt collectors to try and prevent you from filing for bankruptcy. The frequent calls and harassment from debt collectors will end immediately when you hire a bankruptcy attorney, giving you the peace of mind you need to successfully complete your Chapter 7 bankruptcy.
3. Immediate relief from debt: When you hire a bankruptcy attorney, you can be confident that all your paperwork will be filled out correctly the first time, giving you immediate freedom from your debts.
4. Knowledge about which assets you can keep: In exchange for liquidation of your debts, Chapter 7 bankruptcy requires your trustee to sell off your property and assets to pay off the debt. With a good attorney at your side, you can understand which property you are entitled to keep under federal laws. Helpful info also found here.