Getting to understand Chapter Seven Bankruptcy
Since the creation of the new bankruptcy laws in 2005, many people are pretty familiar with it. The laws are created to protect both the creditors and the debtors. As you see, there are many different laws of bankruptcy that you would want to apply for. It is not easy to decipher the details of each law.
In general, most people would want to file for Chapter 7 bankruptcy because it seems that this law have many favorable terms for the debtors. Unfortunately, the catch is that there are a number of qualifying criterias that a debtor must present before he can file for Chapter 7 bankruptcy.
To assist you, here are the following steps will assist you to apply for chapter 7 bankruptcy in the right manner:
- Always put bankruptcy as the final resolve and consider bankruptcy only when you see that you have no alternatives.
- Hire a bankruptcy attorney. The attorney will have the technical know-how and the ability to assist you in the whole process.
- Credit counseling is absolutely mandatory.
- File a petition. Doing so will prevent your creditors from going for any court proceedings against you.
- Do all your paper works properly.
- Make neccessary fees payment promptly.
- After you have filed a petition, a meeting will be held after 20-40 days. All your creditors will be at the meeting and questions about your property and financial status will be asked and you have to reply to them. You cannot miss this meeting, it is very important.
So all in all, when you have taken the above advice you know you are well on your way handle your bankruptcy issues.
In general, most people would want to file for Chapter 7 bankruptcy because it seems that this law have many favorable terms for the debtors. Unfortunately, the catch is that there are a number of qualifying criterias that a debtor must present before he can file for Chapter 7 bankruptcy.
To assist you, here are the following steps will assist you to apply for chapter 7 bankruptcy in the right manner:
- Always put bankruptcy as the final resolve and consider bankruptcy only when you see that you have no alternatives.
- Hire a bankruptcy attorney. The attorney will have the technical know-how and the ability to assist you in the whole process.
- Credit counseling is absolutely mandatory.
- File a petition. Doing so will prevent your creditors from going for any court proceedings against you.
- Do all your paper works properly.
- Make neccessary fees payment promptly.
- After you have filed a petition, a meeting will be held after 20-40 days. All your creditors will be at the meeting and questions about your property and financial status will be asked and you have to reply to them. You cannot miss this meeting, it is very important.
So all in all, when you have taken the above advice you know you are well on your way handle your bankruptcy issues.
About the Author:
Bankruptcy is a status that no one like, but if you have no other alternatives, bankruptcy could be your last resort. Whatever it is, you should get to understand more about Chapter 7 Bankruptcy and find out how you can qualify for it.
posted by Debt Consolidation Loan at
3:16 AM
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