Those in financial distress may consider Chapter 7 bankruptcy as a way out. However, you need to understand the consequences of the step you are about to take before making a final decision.
What is the best advice for Chapter 7 bankruptcy? This article will guide you on some key bits of advice and facts that you need to consider before starting the process with us here at JPP Law.
About Chapter 7 Bankruptcy
If you have several unsecured debts, Chapter 7 bankruptcy can help you eliminate them. Such obligations include personal loans, credit cards, medical bills, and judgment.
In most cases, you get to keep your property. However, it’s a requirement that you be current on your payments. Assessing the amount of equity present in the property you currently own is a must. The court carries out this assessment, and if the equity amount is significant, there may be a request to leverage it. That will allow you to pay your debt first.
It’s worth noting that Chapter 7’s goal is to clear your debt while allowing you to retain all your assets.
Key Facts and Best Advice on Chapter 7 Bankruptcy
There are many things to take into account during financial distress. When filing bankruptcy, consider the following:
Dealing With Creditors
Will the creditors continue to harass you? To protect yourself, work with an experienced and specialized attorney who will provide you with a record number. Any time a creditor calls, you need to refer them to your attorney, who will handle them.
What About the Safety of Your Property?
Are you worried about losing everything? Worry not. Chapter 7 bankruptcy allows you to keep all your personal belongings, including your house. With a good chapter 7 lawyer, you can be sure to retain everything, including your car.
If you fail to file for protection of your property with Chapter 7, you risk losing your assets. Hire a good attorney who will leverage state bankruptcy exemptions, protecting your property. Don’t wait until it’s too late.
When to File for Bankruptcy
The best time to file for bankruptcy is when you’re not far behind, such that getting out of the situation you’re in is difficult.
If you’re facing the repossession of your home or car right now, it’s high time you considered Chapter 7.
Choose a Good Attorney
Get yourself a specialized Chapter 7 lawyer who is up to date on the current laws. It’s advisable to establish the number of bankruptcies that the attorney you intend to hire has handled in your city or state. A quick search and research on the internet will give you several alternatives before you can commit to one attorney.
Be 100% sincere with your attorney for you to get the right help fast.
Let JPP Law Help You Reclaim Your Freedom
Now that you know the best advice for Chapter 7 bankruptcy, you can effectively weigh your options. If you file, you need a skilled and reliable bankruptcy lawyer with a proven track record.
When you need skilled Hazelton attorneys to help you out in this often complex process, JPP Law will be there for you.
Give us a call today to let us start helping you.