Filing for Chapter 7 bankruptcy is a complex legal process that takes time. Yes, you can file bankruptcy on your own. But with all the legal technicalities involved and with a new law in place, it is better if you hire a Chapter 7 bankruptcy lawyer. Your creditors can fight you on Chapter 7; therefore it is best to have a legal expert by your side. Chapter 7 bankruptcy is basically a liquidation of your non-exempt property to disburse your debts.
An experienced Chapter 7 bankruptcy lawyer Arcadia will look after your interests aggressively. He or she will give you expert advice on how to manage your debt and will help you in your efforts towards a financially secured future. If you are not sure whether Chapter 7 is right for you, he/she can offer you other alternatives and will inform you about the exemptions available to you in the state where you reside.
Filing for Chapter 7
Your Chapter 7 bankruptcy lawyer Arcadia will tell you if you are eligible to file for Chapter 7. With the new law in place, you might have to first go through credit counselling before you become eligible.
If you are eligible for Chapter 7, the next thing that you need to do is to make a list of all the debts that you owe. You can pull your credit report for each credit-reporting agency to get an accurate picture of your debts. You will need to go through lot of paperwork. You would need to sign on the dotted line before the papers are filed.
Once the papers are filed it would take around three to four months for the court to decide whether you are really eligible to file. If you are found eligible you will receive official confirmation. The whole Chapter 7 process can take around a year.
The decision to file bankruptcy is often a difficult one to make. When you choose to do so, you want to make sure that you have the right lawyer to assist you with the piles of paperwork you will have to undoubtedly fill out and file. If you are serious about cleaning up your debts, Chapter 7 is right for you. He or she will be aware of the process and will save your time and money in the long run that might otherwise be wasted on unnecessary errors.