The phone calls from debt collectors have started coming in daily. You’ve gotten a notice that your house is going to be foreclosed on soon, and you’re worried that your car is next. You can’t afford to miss any payments, but you can’t afford to make them either. If this sounds familiar, it may be time to speak with a lawyer about filing for chapter 7 bankruptcy.
Filing for bankruptcy can be a complicated procedure, but the complications can be eased when you work with a knowledgeable lawyer. They’ll be able to help you decide which chapter to file for, and then they will help you from filing through until the end of your case. To find out if you qualify for a chapter 7 bankruptcy, they’ll need to go over your income, your assets, and all of the debts that you have. It’s important that you give them all the information they need for your finances, as a missing item can mean that your bankruptcy is declined.
When they go through your finances, they will see if you qualify for the income requirement for chapter 7. This means that your income doesn’t go above the mean income for the state you live in. If you pass the means test, they will then help you through the rest of filing for chapter 7.
You’ll have to turn your assets over to a trustee, with the exception of essential assets like your home. The trustee will sell your assets and use the money they receive to pay off your debts. This process takes on average about 6 months to complete.
Once everything is sold and your debts are repaid, you are debt free. You will, however, still have the bankruptcy on your credit report for many years. Your lawyer can explain what happens with your credit report and how it can effect you.
If you’re getting daily collector calls and you’re worried about losing your car or home, you need to speak with a bankruptcy lawyer today. Lawyers such as those at the Rapa Law Office P.C. will be able to walk you through the bankruptcy process. They’ll make sure that you are taken care of during the bankruptcy, and that all debt collector calls stop.
