Are you in Bankruptcy Mess..?? It’s time to find the Right Bankruptcy Attorney for Rebuilding your Financial Future

 

            To people, who are fortunate enough not to suffer any problem relating to credit card bills, settlements, and the likes, the term "Bankruptcy Chapter 7" may come unfamiliar. This term was coined to refer the event that trustee liquidates or sells all your properties to cancel all your debts. Bankruptcy Chapter 7 is also called "straight" bankruptcy or "liquidation" bankruptcy. Why it's called such is because of the fact that the laws relating to it are located in the 7th Chapter of the Federal Bankruptcy Code.

When you're about to file for bankruptcy, you may expect the following:

1. The process usually takes four to six months.
2. Filing and administrative expenses will reach at least $300.
3. It requires one inevitable trip to the courthouse.
4. You are expected to complete a credit counseling sanctioned by the United States Trustee.
5. You will not be eligible to use Bankruptcy Chapter 7 if based on your statement of accounts, your income, and debt burden qualifies you to the Chapter 13 repayment plan; and if for the past six to eight years, you already received a bankruptcy discharge.
6. When filling out the bankruptcy form, you will be asked to describe the following: property, income, debts, property the law allows you to keep, property you owned over the past two years, and property you sold over the past two years.
7. Yes it will save you from your creditors as soon as your application is approved. It will be made possible through what is called as an "Order for Relief".
8. The Bankruptcy Court will take hold of all your financial affairs (income and debt).
9. The court will appoint what is called “bankruptcy trustee” to make sure all your creditors will be paid.
10.  At the end of the bankruptcy process, you may expect that all your debts have been wiped out.