Chapter 7 - What You Need To Know

If you're considering bankruptcy as an option

, you'll need to know everything you can about your choices, including Chapter 7. Your first stop on the freeway of financial independence should be a lawyer's office. While there's nothing that says you can't file for bankruptcy on your own, you have a much better chance of success if you do so through an attorney. It will keep you from making mistakes that can set you back months in your quest. That said, here are some of the things you'll need to know about this form of bankruptcy before you get started.

Qualifications

Chapter 7 bankruptcy has some stringent requirements around it that you must meet if you are to be eligible. This is where having a lawyer help you out can be a huge boost. You don't need to scour the pages of a book (that could very well be outdated) to figure out whether or not you qualify. Give your information to your attorney and he'll be able to tell you quickly whether or not you are eligible. Some of the factors that will go into the decision include your income, your assets, and your monthly expenses. A judge will look at these factors when determining whether or not to approve your bankruptcy.

Need

Before you meet with a Chapter 7 lawyer, you need to figure out once and for all if you really need to go through with this. While filing for bankruptcy isn't the life ruiner that some would have you believe, it will present you with some challenges in the future as it pertains to getting credit. In fact, you may have to get used to a cash only existence for a while. Still, for someone who has struggled with their finances, this isn't the worst situation to be in. If you can avoid bankruptcy and the credit damage it will entail, however, you should try to do so. While most people who wind up filing really need it, you need to make sure you're not just taking the easy way out, as there are consequences.

Meeting With Your Lawyer

There are several things you'll need to discuss when you first meet with a lawyer about filing for Chapter 7. An attorney in this field will act as not only your legal guide through a complex process, but can also provide you with some guidance in financial areas related to the bankruptcy. Talk about your concerns. Give only the facts. From there, both you and the lawyer can make the decision about whether to go forward together. Make sure you understand how much the hire will cost, of course, as you don't need more financial problems on top of the ones you already have.

by: Alfred Ardis

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