Chapter 7 bankruptcy is the fastest and most effective debt relief there is. After a successful process, you will not longer be bothered by collectors and creditors. They will be prohibited from coming after you once your debts had been discharged by the bankruptcy courts.
However, you need to have the right qualifications. If not, you may be left with a repayment plan that you never intended to have or you could lose your home and other valuable assets in the process. Because of that, it is oftentimes recommended that you exhaust all other efforts prior to filing for bankruptcy. You credit score will suffer a lot - with a minimum of 200 points being taken from your existing figure. See if you can opt for a risky but less credit damaging debt settlement prior to finalizing your decision.
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To help you understand what Chapter 7 really involves, this article will discuss the general process involved.
It all begins with a professional consultation. Unlike the other alternatives, this form of debt relief is something that you cannot do alone. You need to hire a bankruptcy lawyer to help you with the whole process. Most of the time, the process and all the deadlines are confusing. You need to submit a lot of documents and the creation of these can be difficult too. A bankruptcy lawyer can assist you in drafting all the documents and represent you in legal proceedings.
Once you have hired a lawyer, you need to provide all the information that will be requested from you and do not withhold any details like properties and assets that you want to protect. These are law violations and when exposed, could have severe effects on your petition.
Among the things that you will provide is a list of your personal properties and assets with the respective value of each. You will also identify all your creditors, payments made and your remaining debt amount. Your income and employment details will also be discussed.
Before you can file your petition, you are required to go through a credit counseling program that is duly approved by the US Trustee. This should be done within 6 months before filing. A completion certificate will be provided as proof that you went through this program. This is to give you a chance to learn about alternatives to achieve debt relief and see if you can opt for them. This can be done over the phone, Internet or in person.
After the program, your bankruptcy lawyer will proceed to file your petition for Chapter 7 bankruptcy on your behalf. When this happens, your creditors will be notified within 15 days that you have a bankruptcy case in the works. You will be assigned a bankruptcy trustee who is a federal employee that the court will appoint to scrutinize your financial position and monitor the progress of your case. They will schedule the meeting of creditors or 341 meeting where creditors can question you, object on your case and file their respective claims.
You also have to file your Statement of Intention that will provide a list of properties and assets that you want to keep or surrender for liquidation. You have 30 days to submit this document in court.
Every bankruptcy filer will also be required to complete a course on Debtor Education from an entity approved by the US Trustee. Like in credit counseling, this can be availed either through phone, over the Internet or in person. The aim is to teach you how to manage your finances properly - in hopes that you will no longer get yourself so deep in debt again.
If there are no complaints or objections from your creditors and if the trustee finds no reason to decide otherwise, you may be granted a Chapter 7 bankruptcy discharge for your debts. That is usually just 2 months or 60 days after you have filed your petition.
After that, it is highly advised that you start rebuilding your life and your ruined credit and financial state.
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