Chapter 7 Bankruptcy
Chapter 7 Bankruptcy, which is the most common type of bankruptcy, allows people to have their debts discharged. Unlike Chapter 13, Chapter 7 involves the process of liquidation. If people own property like a house, vacation home, or car, their assets may be liquidated. This means that the assets are sold for profit and the profit is then turned over to the creditors that the people are indebted to.
Chapter 7 Bankruptcy is ideal for people who wish to get out of debt in a short amount of time and who do not have the financial means to settle debts with creditors. Before any person can file for Chapter 7, they must meet eligibility requirements. Some of the requirements include not having sufficient income to file for Chapter 13 and having no prior bankruptcy filings within the past 8 years.
Additionally, before a person files for Chapter 7, he/she must complete credit counseling. Credit counseling is conducted by a person or agency that has been approved of by the U.S. Trustee. During credit counseling, people will review their assets, debt and income with an experienced professional. Once counseling has been completed, the person will receive a certificate of completion and he/she may proceed with bankruptcy filing.
Retaining a Chapter 7 Bankruptcy Attorney
When you decide you are ready to file for Chapter 7 Bankruptcy, it is always advised that you retain the services of a knowledgeable bankruptcy lawyer. The bankruptcy process should only take 4 – 6 months to complete, but when you forgo legal representation the process can take much longer. Due to the fact that most people are hoping to get out of debt in the shortest amount of time, it is in their best interests to work with a bankruptcy attorney who has a great understanding of bankruptcy law and who can expedite the bankruptcy process.
If you are considering filing for Chapter 7 Bankruptcy, contact the South Dakota bankruptcy lawyers at McCann, Ribstein & McCarty.
- Why a Bankruptcy Lawyer
- How to Choose an Attorney Types of Bankruptcy
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 7 vs. Chapter 13 Bankruptcy
- Bankruptcy Process / Timeline
- Bankruptcy Myths
- Benefits of Bankruptcy
- What Happens Next
- Alternatives to Bankruptcy
- Credit Counseling
- Foreclosure Defense
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