Va Chapter 7 Bankruptcy

A consumer can file a VA chapter 7 bankruptcy that is the same as in any other states

. In order to start your bankruptcy process for the discharge of your debts, you must file a bankruptcy petition at the bankruptcy court. This may sound straight forward and simple but your bankruptcy papers are made of dozen of forms that describe your assets and other important financial information that belong to you. Preparing these papers can be done on your own but I would not suggest it. Your bankruptcy papers are crucial in the decision of the bankruptcy court, whether to approve your petition, convert it or decline it. Your bankruptcy papers must not be taken for granted. Any errors that you make in your paper due to your lack of information can lead to a whole lot more of your assets or properties being taken away to liquidation.

A person can be eligible to file a VA chapter 7 bankruptcy by passing a means test and providing the necessary requirements stated in the new bankruptcy law. How high your income is can affect your chances of being eligible to file chapter 7 bankruptcy. If you have an income that exceeds your expenses, then more likely, you will not be eligible to file a chapter 7 bankruptcy. Consumers who have below average income have a greater chance in passing a means test. This is because a means test is a process in which a bankruptcy trustee can determine whether your debts can cause you undue hardships or whether you can pay your debts through a repayment plan. Results of the means test can either convert your bankruptcy chapter 7 to a chapter 13 or even declined it.

During the process of your bankruptcy chapter 13, negotiations will made between the bankruptcy trustee, yourself and the creditors about your properties that are nonexempt. These nonexempt properties are your assets that you will have to hand over to a bankruptcy trustee so that it can be liquidated. An amount will be generated from your assets that will be used as payment to settle your debts from your creditors. Debts that are left out after the liquidation are eliminated and you are not obliged to settle those debts that were not covered in the liquidation.

A person can file bankruptcy chapter 7 in a number of ways. Hiring a full time bankruptcy lawyer to do all the work for you is the easiest. All you need to do is update yourself through your lawyer about the status of your bankruptcy case. This way is convenient but you need money to afford a full time lawyer. If you have an allotted amount for this then you can file your bankruptcy this way.

Another way which I suggest is hiring a petition preparer to prepare your bankruptcy papers for you. This way, you do not need to spend a lot of money and you get the same result. You just need to pay them their flat fee and you are ready to go as long as your papers are ready. For more support on how to file bankruptcy, visit the link below.

by: Steve

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