If bankruptcy is on your mind, you need to realize just how much goes into the filing process. In addition to federal laws, you must understand how your case will be treated in your particular state.
To go along with the assistance of a qualified bankruptcy attorney, it is important to learn as much as you can on your own. Getting started is as simple as visiting the United States Courts website regarding Liquidation Under the Bankruptcy Code.
It is on this page that you will learn more about Chapter 7 bankruptcy, including but not limited to the following:
- Alternatives to Chapter 7
- Chapter 7 Eligibility
- How Chapter 7 Workers
- Role of the Case Trustee
- The Chapter 7 Discharge
Even though you may believe that Chapter 7 bankruptcy is the best way to improve your financial situation and get your life back on track, the court system may not agree. You have to meet strict requirements in order to file for Chapter 7.
Note: if you do not qualify for Chapter 7, you can always speak with your attorney about the process associated with Chapter 13.
As you get started, here are some of the questions that you need to address:
- What does it mean to go through liquidation? As noted on the United States Court website this is as simple as follows: “the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.”
- Are you concerned about losing property that is nonexempt?
- What types of steps can you take to ensure that you keep as many of your assets as possible, while still being able to take advantage of the benefits of Chapter 7?
These are just a few of the many types of questions you need to answer as you consider Chapter 7 bankruptcy.
With so many questions, challenges, and roadblocks along the way, it is best to work with a qualified attorney. Over the years, we have helped many people file Chapter 7 bankruptcy. If you are interested in considering this idea, contact us at your earliest convenience.