Chapter 7 bankruptcy is full of many twists and turns. Before you ever file, you should first consider the pros and cons of doing so, as well as the many steps you must take along the way.
If you have no prior experience or knowledge of Chapter 7 bankruptcy, you are sure to be faced with many questions. Here are several FAQs that deserve your attention:
- What is a Chapter 7 discharge? In short, this is a court order that releases you from all dischargeable debt. Furthermore, it orders creditors to stop their attempts to collect from you.
- What is the cost of Chapter 7 bankruptcy? This depends on many factors, including the state in which you live. If you have questions regarding the cost, do not hesitate to contact our law firm. We can give you a clear idea of how much it will set you back if you decide to move forward.
- Do I qualify for Chapter 7? Many people are under the impression that they automatically qualify, however, nothing could be further from the truth. There are many requirements that must be met, including those associated with your income.
- How long does a Chapter 7 case take to complete? Unlike Chapter 13, which can drag on for as long as five years, this type of bankruptcy can be completed within six months. For those who want to put their financial problems in the past, this is a big benefit.
- Is Chapter 7 right for me? Last but certainly not least, you must decide if this is the right financial decision at the present time. It is important to compare the pros and cons, while also looking at any other options, such as debt counseling, that may be available to you.
If you find yourself facing these questions, you are not alone. Anybody who considers Chapter 7 bankruptcy is faced with a similar situation. We are here to answer your questions and steer you in the right direction.