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Chapter 7 Bankruptcy

According to the Bradford Law Offices, PLLC, “If you are facing overwhelming financial difficulties and don’t know where to turn for help, you may need the assistance of a Chapter 7 bankruptcy attorney. Chapter 7 is one of the most commonly sought forms of bankruptcy because it provides individuals with a way to discharge, or completely eliminate, many of their existing debts. If you are suffering under the weight of unmanageable debt, Chapter 7 bankruptcy may be able to provide you with much-needed relief. However, pursuing this debt relief option can be complicated, so it is important that you secure professional assistance if you think that Chapter 7 may be right for you.”

Bankruptcy is one legal solution available to individuals and businesses with overwhelming debts. Besides helping them regain control of their finances, the bankruptcy law also ensures the immediate cessation of whatever form of harassment law firms and debt collectors use to force debtors to make payments – this starts as soon as a declaration of bankruptcy is filed in court. (Forms of harassment employed by law firms and debt collectors include e-mails, phone calls, letters, text messages, lawsuits and others).

Specifically, Chapter 7 bankruptcy is a liquidation bankruptcy method that is best for people who have properties, but whose salary or income does not go above the limit stipulated by the chapter. As the definition suggests, this law will require the liquidation of a few of your properties (you can choose specific properties that should not be sold, though). The selling or the liquidation of your properties is to be done by a court-appointed trustee who will also distribute the amount earned to your creditors. Debts to be paid are only those categorized as non-dischargeable, such as court fines, alimony and student loans. Medical bills, business and personal loans, and debts due to use of credit cards are called dischargeable debts, meaning, the court may free you from the obligation of still paying these.

To determine eligibility under Chapter 7, an applicant will have to take and pass the means test. This test is a way to determine if your income is low enough to qualify you to seek protection under this chapter.

Did You Know Filing for Bankruptcy Could Help You?

Find yourself in quite a bit more than a pickle, financially? It might not surprise you to know that you’re not alone. As a matter of fact, there are a lot of Americans who find themselves financially struggling. Whether this is due to a further legal matter, medical expenses, student loans, mortgages, credit statements, or something – there is almost always something that holds your average citizen back. Some of the time, these debts can get a bit overwhelming. This can even go to the point where you become sleepless and anxious over every little phone call and every ring of your doorbell, thinking it’s someone to come to take everything you’ve worked for away. Well, there is a solution for that – and it might not be the road you thought you would ever be willing to go on.

Filing for bankruptcy has received quite the negative reputation. A lot of people think that when you file for bankruptcy, that that’s it – it’s all over and bedrock from there on out. Well, that is simply not the case at all. When you are financially struggling, whether you are filing as an individual citizen or as a business owner, this legal pursuit could be the only thing holding your head above water among these debts that threaten to drown you.

Ask any Waco bankruptcy lawyer, even, as some of the best ones know exactly what it is like to be in your position. Just be honest with your lawyer and tell them everything that is needed for this kind of claim. Having legal assistance can help you be properly represented in a court of law, giving you the best possible chance at having a financial plan that could get you financially stabilized faster and more efficiently than you ever thought possible. It is a pressuring, complicated procedure to decide on your own, given all the intricate details that do make a claim like this so complex, and so it is advisable for you to seek legal expertise for your individual case with regard to filing for bankruptcy.