Unfortunately, bankruptcy is all too prevalent in many people’s lives. Often, bankruptcy is a person’s last resort option due to rising interest rates on mortgage payments, financial struggles, unfortunate life circumstances, and even mounting medical bills to name a few examples. All you need is a bit of bad luck, and you can find yourself making this same difficult decision. However, declaring bankruptcy is not as easy as saying, “I’m bankrupt.” To ease your transition into bankruptcy, and to ensure that you are getting the best deal and are being treated fairly, you should hire a chapter 7 bankruptcy lawyer to assist you.
What is Chapter 7 Bankruptcy?
The most common type of bankruptcy is Chapter 7 bankruptcy. Filing a Chapter 7 bankruptcy claim is basically a liquidation bankruptcy that wipes out most of your unsecured debts like medical bills and credit cards without the need to pay back balances through a repayment plan. In order to qualify for a Chapter 7 bankruptcy, you must need certain income requirements. If you make more than the Chapter 7 income requirement, then you will need to file for a Chapter 13 bankruptcy. However, once you file for a Chapter 7 bankruptcy, with help from your bankruptcy lawyers, an order called the automatic stay halts the majority of creditors from pursuing collection efforts. This type of bankruptcy works well for people with low-income and little to no assets. Filing for this bankruptcy can make it possible to stop wage garnishment, end your legal obligation to pay most or all of your debts, end debt collection harassment, prevent foreclosure on your home and allow you to catch up on missed payments, and many more.
What Can a Bankruptcy Lawyer Do for Me?
The bankruptcy lawyers at Judge Law Firm are your guide to navigating the murky waters of bankruptcy legal jargon and debt creditors who want your money yesterday. Good bankruptcy lawyers can help you figure out if another option besides bankruptcy would be better for your situation, but if bankruptcy is your best option, then they can provide you with the following benefits:
1. Offer advice about the best time to file for bankruptcy to avoid ending up in a worse financial situation than before you filed.
2. Give advice about your assets. With a Chapter 7 bankruptcy, certain assets are not included in the filing, which means you get to keep them. Your lawyer should know which exemptions you qualify for and will help you not lose your assets when it could have been avoided.
3. Assist you in completing paperwork that’s required to file your bankruptcy. It can be difficult to parse the meaning from dense, bankruptcy contracts. Thankfully, lawyers are trained to understand the law jargon that gets thrown at you in these filings and can help you understand what is really being asked and said.
4. Bankruptcy lawyers will represent you at creditor meetings, which is certain to relieve a lot of stress from your shoulders.
Filing for bankruptcy is a stressful and emotionally turbulent time, so why make it harder by shouldering the burden yourself? You should hire a bankruptcy lawyer to assist you in the heavy lifting and let you focus on what really matters – getting your life back on track.