Have you recently been relieved of a job because your business is reducing and doing away with positions? Are you facing a wall of liability that you are unable to conovercome your financial situation something that makes you feel open to attack and uncertain? If you are not able to pay off your debts or even make minimum payments you might be to the stage to begin considering options for your financial outlook. It is possible to want to be able to pay your debt but not able to. According to many bankruptcy lawyers that specialize in only bankruptcy law your future is not despairing.
You may qualify to pay off your debts filing for bankruptcy under Chapter 7 bankruptcy law. Interested in hearing more? Before getting into the details encompassing filing for bankruptcy you should know for certain what bankruptcy does for you and how it will affect your financial future.
It is important to realize that bankruptcy involves a legal process that states a person is failing to meet their determined debt obligations. They file an agreement in bankruptcy court that agrees to assist the individual seeking to pay off their debt. With chapter 7 bankruptcy an attorney will help you file necessary paperwork to begin the procedure of selling assets off to pay debtors back. If property and assets of value are not owned individuals will have nothing to repay debtors and debt relief will come via your debts being relieved by the individual creditors owed.
Filing for chapter 7 bankruptcy includes a step by step procedure which is advantageous dealt with by an established, reputable bankruptcy attorney that specializes in bankruptcy law for your state. The basic steps to follow in filing for bankruptcy are as follows:
It is valuable to get knowledge pertaining to bankruptcy before you find if this choice is the debt relief option best suited for you. If you feel there is no other way practicable to get relief from your debt than bankruptcy is right for you.
The next step is to see if you are able to file for chapter 7 bankruptcy. Do you qualify? A means test is accessible to determine this for you. You need to state your income, your family’s size and the amount of debt accrued.
You will then need to find a bankruptcy attorney. The bankruptcy lawyer will help you in all aspects of your case and legal happenings surrounding the filing.
A petition will need to be filed inside district court to get the proceeding started.
Paperwork is necessary to proceed with a bankruptcy case. This will need to be submitted along with a detailed schedule that includes every asset and money owed to others including your recent incoming funds, expenditures and investments.
Approximately a month to a month and a half later your petition will be signed and a meeting of all of your creditors will be scheduled. You will go to this meeting. Creditors will ask you questions in regards to your current financial status and about the property you have available to use to cover your debts.
You will submit a certificate of compilation as instructed per the creditor’s correspondence with you.
The next step is to wait to receive the final correspondence from creditors and the bankruptcy trustees that your obligation is released.
The last step is to get on with your financial future and start rebuilding your credit by paying bills on time.
Bankruptcy is not an simple thing to go through. The stress involved will only be alleviated upon receipt that your debt is let go and you are able to begin the path to financial reconstruction.
Dickron “Zeke” Bohikian and Kurt Steinke are bankruptcy attorneys that specialize in chapter 7 and chapter 13 bankruptcies in Michigan. Contact today where you will find useful info about hiring a bankruptcy attorney.