Owing numerous creditors is something that should be prevented as much as possible if you don't want to deal with the stress that comes with it. Unfortunately, many people make financial decisions that send them into a substantial amount of debt that has a negative impact on their lives. For instance, you can begin receiving frequent calls from debt collection agencies, have a difficult time renting a place to live, and numerous other problems. One of the steps that can be taken for getting out of such a bad financial situation is to hire a Chapter 7 bankruptcy lawyer. If you are interested in learning more about Chapter 7 bankruptcy and what a lawyer can do to assist, continue reading this article.
Will Any Assets Need to Be Sold?
It is possible that a few of your assets will have to be sold during the Chapter 7 bankruptcy process. However, there are laws in place that allows you to hold on to certain assets by making them exempt from being resold. Keep in mind that you can also end up not having to sell any of your assets. Basically, reselling assets is a way for creditors to obtain a portion of the money back that they are owed. A trustee will be responsible for deciding if any of your assets will need to be sold and can be don't legally.
Can Anyone File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can be filed by anyone who desires to do so. However, after the paperwork has been taken to a courthouse, it is up to a judge as to whether or not you will be approved to continue with the process. The judge will consider various things when making a decision on your Chapter 7 bankruptcy case, such as the types of debts you have included in the case. For instance, certain debts that are owed to the government cannot be covered under Chapter 7 bankruptcy. If you are trying to get out of paying child support or alimony, you might not be able to file as well.
Why Should a Lawyer Be Hired?
Hiring a lawyer for assistance with your bankruptcy case is a wise decision for many reasons. He or she will ensure that all of the necessary information is provided to the bankruptcy judge to increase your chance of being approved. The lawyer can also be helpful for communicating with the trustee in regards to your assets. You will also receive advice as to whether or not it is in your best interest to file for Chapter 7 bankruptcy or not.
Share5 January 2019
I knew that I was in trouble as soon as the cops showed up at my house. I hadn't meant to embezzle money, but I knew that it looked like I had. Instead of trying to explain to police officers how a few thousands dollars ended up in my account, I decided to meet with legal counsel and exercise my right to work with a lawyer. It was incredible what a difference my decision made. Within a few days, I was able to explain my side of the story, give the money back, and reclaim my life. Read my website to find how a lawyer can help you.