When you have debts that are causing financial stress, you may consider filing for Chapter 7 bankruptcy. This process can help you get out of a financial hole, and it can also provide you with a fresh start in your life. However, it’s important to know all of the facts before you file.
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You’ll need a lawyer who is experienced in bankruptcy law and can provide excellent legal counsel to ensure that your rights are protected. The lawyer can also explain the bankruptcy process and help you make the right choices for your specific circumstances.
In most cases, bankruptcy lawyers charge fees based on the amount of work they put into the case. They can vary significantly, depending on the area you live in. In a random sample of Chapter 7 cases in a few major metro areas, we found that the average bankruptcy attorney fee ranged from $1,500 to $2,000.
There are many advantages to filing for Chapter 7. It can eliminate or discharge unsecured debts, such as credit card balances and personal loans. It can also stop most collection actions by creditors, including wage garnishments, liens, foreclosures and repossessions of property.
Debts that can’t be discharged in bankruptcy include alimony and child support payments, as well as any debts that arise from fraud or misconduct. If a creditor successfully objects to your discharge of these types of debts, you may have to pay the money back.
When you file for bankruptcy, you must turn over a number of documents to the court, which includes a list of your assets and liabilities and current monthly income. This includes recent tax returns and pay stubs.
The documents you provide to the court will be used by a trustee appointed by the bankruptcy judge to manage your case and oversee the proceedings. In addition, you’ll have to attend a 341 Meeting of Creditors, where your creditors will ask you basic questions about your income and expenses.
A bankruptcy trustee will review your documents and determine if you’re eligible to file for chapter 7. Once the trustee has made this determination, they will issue a notice to all of your creditors and schedule a date for a creditor’s meeting, also known as a “341 hearing.” The 341 meeting is when you’ll answer questions from the trustee about your finances and your plans.
In most cases, a Chapter 7 filing can be completed in four to six months. It can take longer if you have a complicated case or if the court has to approve any special procedures to help you pay your creditors.
A good Phoenix Chapter 7 Bankruptcy Attorney will help you determine whether or not you’re eligible for bankruptcy and can guide you through the entire process from beginning to end. They can also provide you with advice on how to manage your financial obligations after your case is over, ensuring that you’re on track for a bright future.