Questions A Chapter 7 Bankruptcy Attorney Can Answer For You

If you've decided to discharge your debt, you undoubtedly have a lot of questions about the process before you

. A chapter 7 bankruptcy attorney can answer these questions for you and help you move forward. Filing can be an important step in regaining your financial freedom, but it isn't a step to be taken lightly. It isn't one to be done without the help of legal counsel. Done correctly, however, it can make an enormous difference in your life. Here are some of the questions a good lawyer can answer for you.

Can I file?

This will be one of the first questions you'll need answered by a chapter 7 bankruptcy attorney. Not everyone is eligible to have his debt discharged in this manner. Some may be able to look into chapter 13. Others may need to find a way to handle their debt in an alternative fashion. While it's not difficult to make some preliminary inquiries into your eligibility, you won't know for certain until you get in front of a lawyer. Your place of residence, previous filings (if any), your income, and the amount of your debt will all play a role in making the determination.

Of what importance is my credit report?

If you go before a chapter 7 bankruptcy attorney, he will most likely want to pull up a copy of your credit report before making any decisions. This is the best way to get a clear and full picture of your debt situation. If you do move forward with filing, you'll want to make sure that all of the eligible debt is removed from the report. Filing does have its disadvantages, after all. You don't want to take the credit score hit without getting the maximum benefit from the process.

Can it take care of all of my outstanding bills?

When someone chooses to file, they often think it will erase all of their debt. Sometimes, this is the case. Sometimes it isn't. Get together with a lawyer and take a close look at all of your creditors. You may find that some of your debt is ineligible for discharge. Some of the categories that do not qualify for discharge include child support, back taxes, and student loans. Criminal fines will also not be covered. If the majority of your debt comes from one or more of these categories, you may need to find another way to handle your financial situation.

by: Aloysius Aucoin

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