You may not have to deal with debt forever. An experienced lawyer can help you start taking steps to decide whether Chapter 7 bankruptcy is right for you. A lawyer can work with you to take the steps needed to maximize your chances of becoming debt-free based on your unique financial situation. Consider consulting with a Tullahoma bankruptcy attorney to start this process today.
Who Qualifies for Chapter 7 Bankruptcy?
When it comes to Chapter 7 bankruptcy eligibility, those who might be eligible include individuals, partnerships, and corporations. The main obstacle that prevents people from filing for Chapter 7 bankruptcy is if their prior bankruptcy petition was denied 180 days ago due to not showing up in court. Committing fraud can also prevent people from filing for bankruptcy in some cases.
Credit counseling is also required to file for Chapter 7 bankruptcy within 180 days of filing. This credit counseling must be done by an approved credit counseling agency. Any debt management plans created during credit counseling must be provided to the bankruptcy court.
What Chapter 7 bankruptcy does is sell off your financial assets to creditors to pay off debt. In this sense, your debts are discharged. However, you may lose some of your financial assets and properties depending on different factors.
How a Lawyer Can Help with Chapter 7 Bankruptcy
A bankruptcy lawyer can guide you through the process of Chapter 7 bankruptcy to ensure all the right steps are taken. This process of Chapter 7 bankruptcy involves several phases. The first phase focuses on filling out several tedious forms to provide information about your finances, contracts, leases, and liabilities.
These initial steps are crucial when it comes to accuracy. All it takes is one minor mistake to result in problems related to fraud or a dismissed bankruptcy case. An experienced lawyer can help you ensure these details are accurate.
The next step is credit counseling followed by filing a petition for bankruptcy with your lawyer. A bankruptcy court will determine whether to proceed with your case and will then assign you a bankruptcy trustee. Your lawyer can help you defend your bankruptcy petition if this is denied.
Common reasons to hire a bankruptcy lawyer revolve around difficulties related to the bankruptcy process. A lawyer can help when your bankruptcy petition is denied, problems come up during the filing process, creditors start harassing you, or creditors file lawsuits against you. You consult with a bankruptcy lawyer to answer any questions you may have about bankruptcy.
Be sure to ask any lawyers you consult with about how lawyer fees will work if you choose to hire them. Do not hesitate to bring up any concerns you may have.
Call Tom Bible Law Today
Filing for bankruptcy can be frustrating and complicated. All you have to do is call us at Tom Bible Law today at (423) 424-3116 for a consultation about filing for bankruptcy. Our experienced team of Tennessee bankruptcy lawyers is ready to help you take steps to escape debt through bankruptcy. We can be found in the Tennessee cities of Chattanooga and Tullahoma.