How to file for a Chapter 7 Bankruptcy
ď śBankruptcy is the state where a person or business is unable to pay outstanding debts. When someone is not able to pay creditors after all of his assets have been liquidated, he can declare bankruptcy. ď śHowever, bankruptcy should be the last option and would only be done if you have exhausted all other means and ways. It is also a legal process which would need legal advice and proceedings.
ď śThe best way to start is to hire a bankruptcy attorney. This professional can help you determine the better options, and whether Chapter 7 bankruptcy will do good for you. ď śYou have to check first if you are qualified to file for Chapter 7 bankruptcy.
ď śYou will also have to undergo a mandatory credit counseling to help you understand your situation better. Also, when filing for a Chapter 7 Bankruptcy, you will have to do the necessary paper works to get your case heard. ď śThe bankruptcy lawyer can help you with this task as some papers may be too technical for you.
Once you have completed the first few steps, file your petition along with your documents and credit counseling certificate. You have to file a petition to a bankruptcy court within your area. Once you have done this, creditors cannot continue any lawsuit against you neither can they demand payment from you once your case is filed.
ď śWithin a few weeks after Chapter 7 Bankruptcy is filed, a meeting with the creditors will take place. It is necessary for you to attend such meeting so that creditors can ask you questions about your current financial situation. ď śHowever, for non-secured debts, a meeting with creditors rarely happens.
The next proceedings would depend upon the court if you will be discharged from your debt. Once discharged, start rebuilding your credit. We can help, call for a FREE consultation Jeffrey Cancilla attorney 714-702-5295. Contact the law offices of Jeffrey Cancilla: www.facebook.com/JeffreyACancilla