February 17, 2011

Chapter 7 Bankruptcy – What you should ask your attorney

Posted in Bankruptcy tagged at 4:13 am by demetriagraves

Many clients don’t realize that the typical individual chapter 7 bankruptcy process involves filing a petition with a bankruptcy court in the local area in which that person resides. This is the official beginning of filing for chapter 7 bankruptcy but there are many steps that typically need to be done before you get to the point where you can file your petition with your local court. This is why it’s important to seek individual consultation from a competent bankruptcy attorney who is well versed with the personal bankruptcy eligibility requirements and process.

Before initiating the chapter 7 bankruptcy process, there are four important areas that you will want to discuss with your attorney, so that you can be sure you are on the right track and fully understand what is involved. Such a move could be vital to get some useful clarifications regarding the below mentioned aspects associated with filing a chapter 7 bankruptcy.
  1. Determine if there are other viable alternatives to filing bankruptcy. There could be a few simple remedies that might apply to your specific case which could be considered initially. You will want to make sure that all other options have been tried and or considered before filing for bankruptcy.
  2. Find out the qualification criteria for filing chapter 7 bankruptcy. This is done by taking into account various parameters such as monthly income, expenses and details of all outstanding debts.
  3. Some debts aren’t dischargeable, therefore it’s important to understand the specific portion of debts that could qualify for a complete discharge through chapter 7 and which debts cannot get discharged.
  4. Get some general information on the effects that may accrue by filing for chapter 7 bankruptcy as well as whether a debtor can file for bankruptcy in future and after how much time.

If you have further questions regarding filing for bankruptcy, I offer a free 30 minute telephone consultation where you can get all your questions answered.

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