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Filing a Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is also sometimes referred to as the liquidation bankruptcy. With Chapter 7 bankruptcy there is no filing of a plan of repayment, like in Chapter 13. Non-exempt assets are sold off and the proceeds are used to pay off your unsecured debts. A portion of your assets maybe exempt from being liquidated. That is why it is imperative to have a knowledgeable bankruptcy attorney assisting you in the proceedings of a Chapter 7 bankruptcy filing. You must realize that the filing of a petition under Chapter 7 may result in the loss of property, but you want to have guidance so you can minimize that loss.

A Chapter 7 bankruptcy starts before you actually file your petition. There are laws that must be followed way in advance of filing your petition and a strict schedule to follow after filing. As soon as it becomes evident that a Chapter 7 bankruptcy maybe in your future, you should consult with a bankruptcy attorney. He can walk you through the process of getting credit counseling with an approved agency and taking your means test to see if a Chapter 7 is even a possibility.

Many of the laws having to do with asset exemption and other portions of the Chapter 7 process are different from state to state. Which is why having a bankruptcy attorney from your state or the area that the debt occurred, is so important when filing your Chapter 7 bankruptcies. Once you hire a bankruptcy attorney he will file your petition and begin the process of informing your creditors. In most cases, once this step is taken, an automatic stay is granted, which will protect the filer from most collection actions. All action on lawsuits, repossessions, debt collections, garnishments and foreclosures should cease and desist. It will be your bankruptcy attorneys responsibility to keep you paperwork and filings up to date, with the strict schedule set up by the courts. This schedule can become overwhelming when attempted to be taken on by someone not trained in bankruptcy law.

Having a bankruptcy attorney by your side who specializes in Chapter 7 bankruptcy law, will stop further action from your creditors and assist you in getting out of debt, all while helping you to retain as much of your assets as possible. Filing for bankruptcy is not simple. There are many factors to take into consideration. Having a bankruptcy attorney to take care of all the unexpected things that may arise is important, because no two cases are the same. Remember that getting a fresh start is an important part of Bankruptcy. So be sure to do it right.

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